I see a lot of friends are a bit confused, so let me break it down real quick. Trading cryptocurrencies is illegal, but holding cryptocurrencies is legal. Any exchange between cryptocurrencies and RMB is illegal. In practice, transactions are often overlooked and not strictly enforced, unless someone reports the transaction as a pyramid scheme or fraud. But as long as there’s an exchange between cryptocurrencies and RMB—whether it’s stablecoins or any other cryptocurrency, including BTC—it’s illegal within China. It’s just that gathering evidence is quite difficult right now. However, there’s one type of situation you need to be extra careful about. Here’s a real case I’ve seen: A asks B to exchange for USDT —> A gives B RMB —> B gives A USDT —> A reports to the police claiming B scammed them and tricked them into crypto trading —> Police demand B return the RMB to A —> B’s request for A to return the USDT is denied. Be very cautious with OTC. The safest way is to use overseas remittance directly into a Chinese bank account, which is legal and compliant. Bitget VIP, lower fees, bigger perks.