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Even now, when the Chinese government has spent more than a year trying to squeeze cryptocurrency out of the country with increasingly repressive rulings, four of the ten biggest cryptocurrency exchanges in the world are from China, and two from Hong Kong. Everything is illegal As things stand at the moment, it is not legal in China to hold an ICO or to trade cryptocurrency at an exchange.
Chinese Bitcoin mining companies, long responsible for producing the vast majority of the worlds bitcoins, have been told to leave the country. This year the national firewall was extended to stop Chinese citizens from using overseas cryptocurrency exchanges, and the central bank ordered financial institutions to stop providing funding to any activity related to cryptocurrency.