Can you Buy Tether (USDT) in China?
Buying or trading cryptocurrencies, including Tether (USDT), in China is difficult due to the Chinese government's strict regulations on cryptocurrency trading and exchanges. However, users could potentially utilize VPNs to access foreign crypto exchanges accepting Chinese Yuan (CNY) deposits.
These platforms accept Chinese residents and allow you to deposit CNY via various payment methods like bank transfer, Alipay, debit card, credit card and more.
What is the Best USDT Exchange?
Based on our analysis, we found that Binance was the top platform for Tether (USDT) and hundreds of other stablecoins and crypto assets in China. Their platform offers instant and cheap CNY deposits to trade over 350 cryptocurrencies with industry-leading fees. Binance also offers native Chinese language support, as well as 30 other languages.
For users looking to buy USDT without having to KYC or provide identity information, we recommend Gate.io.
How to Buy Tether USDT in China
As outlined above, the best way to buy Tether (USDT) in China is through an exchange that accepts Chinese Yuan (CNY) deposits. Here is a simple step-by-step guide to get started with the recommended broker, Binac:
- Create your Binance account.
- Select the ‘Buy Crypto’ button in the menu and then ‘P2P’.
- Select ‘CNY’ as your fiat currency, USDT as the token you want to buy and your preferred deposit method.
- Select ‘Buy USDT’ to complete your transaction.
Is Buying USDT in China Legal?
Purchasing cryptocurrencies and stablecoins like USDT in China is heavily restricted. This is largely due to the Chinese government's efforts to control capital flight. However, many investors in the nation still use global trading platforms like Binance, or no-KYC alternatives like Gate.io to buy USDT.
What are the Fees?
The fees to buy and sell USDT is minimal on large platforms like Binance, Gate.io and others. Most tier-1 exchanges charge a 0.1% spot trading fee, which becomes discounted over time depending on the amount of volume you trade.
Outside of this, Chinese Yuan (CNY) deposit fees are typically free, or about 1% if you are looking to use a credit card.
The Bottom Line
To summarize, despite stringent regulations, purchasing Tether (USDT) in China is possible using international exchanges like Binance and Gate.io via VPNs. These platforms, accepting Chinese Yuan (CNY), enable affordable access to a broad range of cryptocurrencies. However, consider potential legal risks and stay updated on regulatory developments when investing from China.