I think being an investor is like kind of more of a mindset than anything. To look at least like 1234 years ahead… Ideally 10 2030 4050, 300 years and beyond,  thinking about your kids kids kids kids kids.
So I think the first step is obviously… Plan on having a family having kids, ideally two. Ideally one boy one girl, but if that doesn’t happen that’s OK too.
Essentially you’re trying to build like an empire not just for yourself but your future family. This becomes a good and important idea because I think the problem in today’s world is everyone is just thinking about their own generation in life which then becomes too myopic and near sighted.
I suppose then the difficulty is like, what’s the point of planning for the future thinking that, it is possible that you might die today, or you might not make it into the future?
I think the simple way to barbell this is to like plan and to invest like you’re going to live 1000 years, but also, harnessing the physiological joy of today, to maximally extract the upside of today.
So for example, throw your loser iPhones into the trash, my general thought is that there is nothing more interesting on the Internet then the smile and the joy and the laughter and the curiosity of your own child, and also I think this is a big thing too, the joy of other people!
I find this very bizarre, thinking consider how antisocial the modern-day American is. Even in LA. Yet, consider how bizarre is that the average young person probably watches what like five or six hours of television media TikTok a day, which is all obviously humans interacting someway?
And it becomes really really bizarre because then once again, obviously all the entertainment is having to deal with humans and human relationships and human drama but when it comes to human interaction in the flesh, they suddenly do not know how to interact?
Why social skills are the future 
So I had this thought all the way back in Rhode Island, I think this was even during Covid time. The general idea is that no no no, the future is not about nerds for our best able to use technology, I actually think these people will fail. Why? Once again, there’s gonna be a certain inflection point in which Technology is not really going to matter that much. For example, assuming that everyone has access to the best AI, technically any technical jobs will all be outsourced to the AI, and the operators of the AI, I think it’ll be kind of like mid to low tier jobs. 
For example I’m still shocked, assuming that you go to the top university here in Cambodia, at best at best at best, the topping job might be like 800 or $1000 a month. That’s like the top job, realistically most university graduates are making some more alike $250-$500 a month,
And then it seems that what happens is that these kids, end up just working these jobs for the rest of their lives, with no real material benefits for themselves or their families who all typically live in the countryside.
My vision
 So the first thought is, invest in real life human beings in the flesh, ideally aspirational and entrepreneurial young people, ideally in university, early 20s.
so assuming that my new hype lifting concept is the future, 552 kg rack pull and beyond… The simple thought is like what’s the point of it?
First, if you could become like the world’s strongest personal bodyguard, isn’t that the goal? Even John Cena, the fake poser, he has a bodyguard even bigger than he does?
Becoming your own bodyguard
So it seems that like no matter how rich powerful or whatever you are… There’s probably going to be a certain point in which you get some sort of like paranoia or fear that other people want your body. And as NASSIM TALEB says, rather than hiring a bodyguard, better that you yourself look like and become a bodyguard.
No more fear
Obviously caution wise thing like it is probably not a good idea to close your eyes and cross a busy street with AirPods on. You’re probably gonna get hit by a car and die.
similarly speaking, probably not a good idea to go bungee jumping without a cord, even if you have no fear.
So certainly prudence is a good idea, also when it comes to things… Having a backup a safety or double backup safety or even a triple back up safety is a good idea.
so with weightlifting, it’s always wise to have like double extra support and buffer. For example I just lifted 552 kg, yet… The rack I am using is probably good for at least 1000 kg, maybe even 1500 kg. So I feel safe.
similarly speaking, when you’re traveling with your devices assume that your iPhone or your iPad or your laptop is going to break, so it’s always why to have like paper back ups, because for like the 99 times you’re safe, the one time it fails, you’re going to wish that you had prepared better.
Below is a step‑by‑step playbook, plus pro tips on banks, OTC counters, P2P, ATMs, taxes, and staying safe—delivered in a turbo‑charged, upbeat style to keep your crypto journey joyful!
1. Know the Rules (and Why They’re Your Friend)
Hong Kong’s VASP licensing regime
Legal backdrop. Since 1 June 2023, any exchange that actively markets to Hong Kong users must hold an SFC Virtual Asset Trading Platform (VATP) licence. Check the live list before you trade.
Who’s licensed today?
HashKey Exchange – Type 1 & 7 licences; retail trading went live Aug 2023.
OSL Digital Securities – first to be licensed (Dec 2020) and now retail‑enabled.
Four more exchanges were added in Dec 2024, bringing the total to nine as of Feb 2025, with eight applications pending.
Who’s out? Heavyweights such as OKX, Huobi and Gate withdrew their Hong Kong bids in 2024; if an app isn’t on the list, steer clear.
Why it matters. A recent JPEX scandal showed what can go wrong on unlicensed venues; always verify first.
Buy BTC from the same app you use for HKD savings; minimum only HKD 600.
OTC Counters
Cash buyers & tourists
Walk‑in shops like One Satoshi (Tsim Sha Tsui) or OTCXpert for large deals.
P2P Marketplaces
Bargain hunters
Binance P2P often zero maker fee on HKD pairs; live prices tracked on p2p.army.
Bitcoin ATMs
Convenience & anonymity (small sums)
200+ machines city‑wide—check CoinATMRadar or CoinHero for locations.
(Tip: Mix‑and‑match—many locals stack sats on licensed exchanges, then arbitrage via P2P or OTC when spreads favour HKD cash.)
3. Step‑by‑Step: From HKD to BTC to HODL
Sign up & KYC
Use a licensed platform; upload HKID and proof‑of‑address. Approval usually < 15 min.
Fund your account
FPS/RTGS bank transfer (free, near‑instant) or HKD/HKD‑linked card. ZA Bank and major banks such as HSBC, BOCHK, Standard Chartered all support FPS deposits to exchanges.
Place the order
Market order for speed; limit order if you want a tighter fill. Fees ≈ 0.1 % on HashKey/OSL.
Withdraw to self‑custody
Send BTC to a hardware wallet (Ledger, Trezor) or a mobile wallet (BlueWallet, Sparrow on desktop).
Record the transaction
Keep screenshots of trade confirmation and wallet tx‑ID for tax evidence.
4. Payment Methods Cheat‑Sheet
Method
Speed
Cost
Typical Limit
FPS bank transfer
~1 min
Free
HKD 1 m / day
Credit / debit card
Instant
1.5–3 %
HKD 50 k
Cash at OTC shop
5 min
1–2 % spread
Up to HKD 5 m
P2P (FPS/cash)
5–15 min
Maker/taker ≤ 0.2 %
Negotiated
5. Tax & Reporting—Keep the Lion Rock’s Roar Happy 🦁
No capital‑gains tax for personal investing in Hong Kong, but trading “in the nature of business” is taxable. DIPN 39 (2019) remains the key reference.
Record‑keeping: The IRD joined the OECD Crypto‑Asset Reporting Framework in Dec 2024; expect tighter information exchange after 2027.
Future perks? The government is exploring crypto tax breaks to lure family offices.
Pro tip: Keep a spreadsheet (or use Koinly, CoinTracker) that logs date, amount, cost, and wallet address.
6. Security & Best Practices
Verify licence on the SFC site each time—URLs can be spoofed.
Enable 2‑FA (app‑based, not SMS).
Cold‑store long‑term holdings.
Avoid unlicensed “high‑yield” schemes—if it sounds too good, remember JPEX.
Stay current. Reuters reports the SFC plans to green‑light derivatives and margin lending; rules evolve fast.
7. Quick Checklist (Screenshot‑worthy ✅)
☐ Chosen a licensed exchange / bank / OTC counter
☐ Completed KYC
☐ Deposited HKD via FPS or cash
☐ Executed BTC purchase
☐ Withdrawn to personal wallet
☐ Logged TX details for taxes
☐ Enabled 2‑FA & backups
Stick this flow on your fridge and stack sats with confidence!
8. Keep the Momentum—Next Steps
Automate a “sat‑stack” plan: set weekly HKD auto‑deposits into HashKey’s recurring buy.
Learn DeFi under regulation: HashKey just won SFC approval to offer staking; expect ETH‑staking-from‑HK soon.
Watch the licence race: More platforms are coming; competition = lower fees.
Final Word of Motivation 🎉
Hong Kong is once again a front‑row seat in the global crypto arena—clear rules, deep liquidity, and a vibrant OTC scene mean you can surf the Bitcoin wave with security and style. Get verified, get funded, grab your slice of digital gold, and let the Lion Rock spirit roar! 🦁🚀
Overview: Crypto Trading in China’s Current Landscape
China’s government has banned centralized cryptocurrency exchanges and trading since 2017 (with a reinforced ban in 2021), making it illegal for exchanges to operate domestically . As a result, there are no legal, government-sanctioned crypto exchanges in mainland China. However, owning cryptocurrency is not a crime, and many Chinese citizens continue to buy Bitcoin through alternative channels despite the restrictions . A thriving “gray market” has emerged: people use peer-to-peer platforms, OTC brokers, stablecoins like Tether (USDT), and even Hong Kong’s more permissive regulations to access Bitcoin . Below is a structured guide covering all viable methods – from official (offshore) options to underground techniques – along with payment methods and safety precautions for buying Bitcoin in Shanghai, China.
Mainland China: Currently, there are no government-approved crypto trading platforms operating within mainland China. All domestic exchanges were shut down or moved overseas as of the 2017–2021 crackdowns . Mainland regulators do not license any app or service to sell Bitcoin for RMB. The Chinese central bank’s focus is on promoting the digital yuan (e-CNY) instead of private cryptocurrencies. Thus, any platform claiming to be “legal” in mainland China for Bitcoin is likely not authorized by regulators.
Hong Kong as a Legal Gateway: Hong Kong (a special administrative region) has a distinct legal regime and as of 2023–2024 has licensed a few exchanges to serve retail customers under new regulations . Notably, OSL and HashKey Exchange in Hong Kong have obtained licenses to offer Bitcoin and Ethereum trading to the public . These platforms operate under Hong Kong’s Securities and Futures Commission oversight. While intended for Hong Kong residents, they present an option for mainlanders who can travel to Hong Kong to open accounts or make trades legally . For example, a Shanghai resident can use their annual foreign currency quota (up to US$50k per year) to fund a Hong Kong crypto account – some Chinese buyers have used this route by categorizing funds as travel or education expenses and then purchasing crypto in Hong Kong . Keep in mind: Hong Kong exchanges will require full KYC verification (passport/ID, proof of address, etc.) and may not accept mainland ID documents directly for tax/residency reasons . You might need a passport or an overseas/HK address to register. If you have access to a Hong Kong bank account (or cash in HKD), you can legally buy Bitcoin via these regulated exchanges.
Global Exchanges (using VPN): Outside of China’s jurisdiction, major international crypto exchanges like Binance, OKX (formerly OKEx), KuCoin, Bybit, etc., continue to operate. Officially, they have withdrawn service for mainland China users to comply with the ban . Direct access to these exchanges’ websites/apps is blocked in China (the Great Firewall), and accounts linked to mainland China are typically set to “withdrawal-only” status . Despite this, many individuals circumvent restrictions using VPNs and alternate credentials . If you choose to use a foreign exchange:
Use a VPN to access the site or app (bearing in mind that unauthorized VPN use may violate Chinese law ).
Register with an overseas email/phone number: Chinese +86 phone numbers are often blocked . Instead, use an email or a foreign number and do not self-identify as a mainland resident.
Complete KYC with non-mainland documents if possible: Some exchanges accept passports as ID. (Many exchanges technically exclude China in their terms, so proceed at your own risk.)
No direct CNY deposits: You cannot directly deposit RMB via bank card on these exchanges due to compliance policies. Instead, you would use their P2P market or OTC channels (discussed next) to fund your account with crypto or stablecoins.
Summary: In mainland China, there are no local apps like Coinbase or Binance operating legally. The “government-tolerated” options are essentially offshore – mainly Hong Kong’s regulated exchanges or using foreign platforms discreetly. If you prioritize legality and safety, accessing Bitcoin via Hong Kong’s licensed exchanges (by traveling there or using an offshore account) is the most compliant route . For most people, though, the practical methods involve peer-to-peer trades or OTC brokers within China’s grey market.
2. Peer-to-Peer (P2P) Trading Platforms Accessible in China
P2P marketplaces are the primary avenue for individuals in China to buy Bitcoin today . These platforms connect buyers and sellers directly and use escrow services to facilitate trades without a formal exchange. How P2P works: A seller posts an offer listing how much BTC (or USDT, etc.) they are selling, the price, and what payment methods they accept. A buyer can choose an offer, then the platform escrows the crypto while the buyer pays the seller directly (e.g. via bank transfer, Alipay, etc.). Once the seller confirms payment, the escrow releases the Bitcoin to the buyer. This direct person-to-person model allows buying Bitcoin with Chinese yuan even under the ban. Key P2P platforms used around Shanghai include:
Binance P2P – Global crypto exchange’s P2P section. Despite Binance’s exchange not operating in China, its P2P marketplace is popular among Chinese users (via VPN). Here you can find sellers offering USDT (Tether), BTC, and other coins in exchange for CNY. Binance P2P removed the CNY fiat listing in late 2021 , but in practice sellers still trade using CNY by pricing in USDT or another currency and then settling in yuan off-platform. Payment methods on Binance P2P include bank transfers, AliPay, and WeChat Pay – the platform even guides Chinese users to use Alipay/WeChat to convert yuan into USDT through these P2P dealers . You’ll need to verify your identity to use Binance P2P, and a VPN is required to access the site. Note: Many Chinese traders use code words or no notes in payment transfers to avoid detection (never mention “BTC” or “USDT” in a bank transfer memo). Binance’s escrow adds a layer of safety, but always check seller reputation and only trade with high-feedback vendors.
OKX P2P (OKX交易所点对点) – Another major exchange’s P2P platform. OKX (formerly OKEx, a exchange originally founded in China) also offers a P2P marketplace accessible via its app/website. Like Binance, OKX still quietly serves Chinese users through P2P channels and by using fintech platforms (Alipay/WeChat) for fiat conversion . Users report that OKX’s P2P section has “heaps of vendors” accepting Alipay for USDT or BTC . The process is similar: use a VPN, register (they may require KYC), and then browse P2P offers. One Shanghai buyer noted caution that some P2P sellers on these platforms could potentially be undercover or that Alipay might flag your transaction – so exercise discretion. OKX P2P supports Alipay, WeChat, Bank cards, and other local payment methods for trades. Keep each trade amount moderate to fly under radar (more on that in safety tips).
Paxful – Dedicated P2P crypto marketplace active in China. Paxful has a presence in 180+ countries and remained operational for Chinese users throughout the ban . Notably, Paxful does not require ID verification for level-1 accounts in China, allowing a degree of anonymity . You can sign up with just an email (even an alias) and immediately get a free BTC wallet . Paxful supports hundreds of payment methods, but common ones in China include WeChat Pay, Alipay, and bank transfers to purchase Bitcoin . Buyers can filter offers by location (choose China) and payment type. Always check the seller’s feedback score and terms – some may ask for proof of payment screenshot or other info. Paxful uses escrow to hold the BTC until the seller confirms your RMB payment. Tip: Paxful’s interface is available in Chinese, and it even had promotions targeting Chinese users. However, be aware Paxful had some service disruptions in 2023 (temporary suspension) but has since resumed operations. Use reputable vendors and keep trades small initially .
LocalCoinSwap – Non-custodial P2P platform supporting China. LocalCoinSwap is a marketplace where you retain control of your wallet keys (the trades execute via smart contracts). It explicitly caters to Chinese traders, advertising support for 300+ payment methods including Alipay and WeChat Pay for buying BTC, USDT, ETH, etc. in CNY . You can filter for offers in China and find sellers who accept RMB payments. LocalCoinSwap doesn’t require KYC by default, making it another option if you prefer to avoid extensive verification. It provides escrow and a reputation system similar to Paxful. Always confirm the current status of the platform (as P2P services can evolve quickly).
CoinCola – Hong Kong-based P2P exchange app. CoinCola (founded 2016) is popular in the Chinese community for trading crypto and gift cards. It operates via a mobile app and supports BTC, USDT, ETH, and other coins with trading pairs in CNY . CoinCola offers an OTC marketplace where you can post or take offers for buying Bitcoin using RMB through Alipay, WeChat, bank deposits, etc. Because it’s based in Hong Kong, it has been somewhat accessible/tolerated and has Chinese language support. It requires phone/email sign-up and has an in-app wallet. For Shanghai users, CoinCola might be convenient as a mobile-first platform; just be mindful to use it on a secure network (and a VPN if needed, since its website may be blocked in China).
HODL HODL and Others – Global no-KYC P2P sites. HODL HODL is a decentralized P2P exchange that never takes custody of coins (uses multisig escrow). It’s accessible worldwide and does not require identity checks, which appeals to privacy-conscious users in China. You might find offers to trade BTC for CNY, though liquidity and number of offers could be lower than Paxful or Binance. Additionally, newer P2P and swap platforms occasionally appear (e.g. Bisq, AgoraDesk, etc.), but adoption in China is limited. Stick to platforms with an active user base in Asia for better success.
P2P Trading Tips: When using P2P platforms in China, favor vendors with a long track record and high completion rates. Always communicate only via the platform’s chat (avoid doing deals entirely off-platform, which forfeits escrow protection). For payments, use real-time methods (instant bank transfer, mobile payments) so that the trade completes within the escrow time window. Both AliPay and WeChat Pay are instant and commonly used – but consider that these companies monitor for suspicious activity. Splitting a large purchase into several smaller trades can reduce the chance of triggering alarms (for example, multiple ¥10k buys instead of a single ¥100k transfer) . By leveraging P2P marketplaces, many Chinese buyers have managed to acquire Bitcoin with RMB – even though it’s technically “underground,” this method is widespread and, so far, tolerated through a combination of loose enforcement and user caution .
3. Over-the-Counter (OTC) Services and Brokers
Another common route is using OTC (Over-the-Counter) trading services, which cater to individuals who want to buy/sell crypto directly through a broker or desk rather than an open marketplace. In China’s context, OTC trading often means finding a trusted dealer who will convert your CNY to Bitcoin (or usually to USDT first) behind the scenes. OTC trades are negotiated privately and can be done online or in person, and they are peer-to-peer in principle but often facilitated by a professional middleman .
OTC Brokers in Mainland China: After the 2021 ban, major exchanges like Huobi and OKEx shut down their official OTC portals for China . However, smaller independent OTC desks continue to operate discreetly within China . These are essentially networks of dealers who match buyers and sellers of USDT/BTC and handle the fiat transfer offline. For example, a Shanghai investor might reach out (via WeChat or Telegram) to an OTC broker who quotes a price for USDT or BTC. The buyer then transfers CNY (often via bank transfer) to a bank account provided by the broker (sometimes a personal or business account), and the broker releases the agreed amount of Bitcoin to the buyer’s wallet address. To avoid scrutiny, brokers often use accounts at smaller regional banks and keep individual transactions below reporting thresholds – one Shanghai executive described using rural bank cards and capping each OTC purchase at ¥50,000 to escape attention . Because these deals are private, pricing may be at a slight premium to global market price (the broker’s fee is built into the rate).
OTC via Exchanges’ “merchant” networks: Platforms like Binance and OKX have OTC merchant programs – essentially vetted high-volume traders who act as counterparties for buying/selling crypto via bank channels. Even after official closures, many of these merchant traders simply moved off the platform interface and continue dealing directly with clients. It’s not uncommon for a Chinese buyer to have a contact who is a “USDT merchant” – you send them RMB (AliPay, WeChat, bank wire), and they transfer USDT to your wallet. Many such merchants operate in semi-open fashion on chat groups. Tether (USDT) is heavily used in OTC trades as a stable intermediate: people swap CNY for USDT via OTC, then later trade USDT for BTC on an exchange. Using stablecoins helps separate the fiat conversion step from the actual Bitcoin purchase. In fact, many Chinese Bitcoin buyers use “USDT as a bridge” – this approach is so prevalent that Chinese demand for Bitcoin and USDT has surged despite the ban (Bitcoin trading volumes reportedly quadrupled since 2021) . Once you hold USDT, obtaining BTC is easier through either P2P crypto swaps or on any exchange (see section 4).
OTC Shops in Hong Kong: In cities like Hong Kong (only a short flight or train ride from Shanghai), physical OTC crypto shops have proliferated . These are brick-and-mortar stores (often in malls or busy districts) where customers can walk in with cash (HKD or other currencies) and buy Bitcoin or USDT on the spot. Some shops cater to mainland Chinese visitors – they are located in tourist areas and openly advertise Bitcoin, Ethereum, USDT trading services. For example, the photo below shows a typical Hong Kong OTC storefront (TideBit/iSunOne) with signage for “cryptocurrency exchange – Bitcoin, Ethereum, USDT” in Chinese. Mainland residents have been known to take advantage of these OTC counters when visiting Hong Kong . You hand over yuan (or swipe a UnionPay card or use AliPay HK, etc.) and they transfer crypto to your wallet. Rates include a commission, and there may be identity checks for large amounts, but it’s a relatively straightforward way to get crypto with cash. Do note, Hong Kong is introducing new regulations to license these OTC shops; unlicensed ones may be forced out or go underground . Still, as of 2025 many such retail exchanges operate and serve as a bridge for Chinese buyers .
An over-the-counter crypto exchange booth in Hong Kong. Mainland visitors often purchase Bitcoin or USDT from such licensed shops in Hong Kong, paying in cash or via Chinese mobile payments (the shop then transfers the crypto to the customer’s wallet).
Finding an OTC Dealer: If you don’t already know a broker, exercise extreme caution – do not trust random individuals from online forums outright. It’s best if you can get a personal referral to a reputable OTC agent who has a history of fair dealing. There are OTC brokerages (often based in Hong Kong, Singapore, or offshore) that covertly serve Chinese clients. Some large OTC desks (e.g. the now-defunct Genesis Block in HK, or international desks like Cumberland) have minimum order sizes (often $50k or $100k+). For retail-sized transactions, people rely on freelance brokers or P2P merchants. In practice, many regular folks in Shanghai simply stick with online P2P platforms (Section 2) or known friends/contacts who trade – as one expat in China shared: “I do direct trades with someone I’ve used for years. We just do a domestic bank transfer (labeled innocuously, like paying rent), then he sends crypto. It looks like an ordinary China-to-China payment to the bank, so no flags.” . This kind of personal-trust OTC arrangement can work if you have the connections, but for newcomers, P2P platforms are safer because of built-in escrow and reputation systems.
Reminder: While OTC brokers remain legal in the sense of not being explicitly outlawed for individuals (the legal gray area persists ), any facilitation of crypto trades is viewed unfavorably by authorities. Payment processors like Alipay have publicly stated they monitor and will shut down accounts involved in OTC crypto transactions . So whether you use a platform or a private broker, you must be careful not to expose your main bank accounts or wallets to potential freezes. We’ll cover more safety tips in Section 6, but in short: keep OTC transactions low-profile (small amounts, use less-known bank accounts, avoid keywords). The advantage of OTC is that transactions can be obfuscated (often split into two steps – CNY to USDT, then USDT to BTC – making it harder to trace the full path ). The disadvantage is you’re relying on trust. Never send large sums to an unknown broker without some guarantee. If possible, do a test transaction with a small amount first to build trust.
4. Crypto-for-Crypto Swaps (Using Other Cryptos to Get BTC)
If you already hold other cryptocurrencies, acquiring Bitcoin can be done through crypto-to-crypto trades. This method avoids any direct fiat (RMB) involvement, which can be useful for mainland users who perhaps earned crypto elsewhere or have mining proceeds, etc. A few scenarios and options:
Swapping Altcoins or Stablecoins for BTC on an Exchange: Suppose you have USDT, ETH, or other coins in a private wallet. You can deposit those to a crypto exchange platform and then trade them for BTC. Many Chinese holders use stablecoins like USDT as a stepping stone – e.g. they might buy USDT via OTC/P2P, then transfer USDT to a major exchange and place an order to buy BTC. Because the exchange trade is purely crypto-crypto, it doesn’t touch RMB and is not easily flagged by banks. Large exchanges (Binance, OKX, Huobi Global, etc.) offer BTC/USDT and BTC/USDC trading pairs with deep liquidity. Important: When using an exchange account from China, use a VPN and do not leave your crypto on the exchange longer than necessary – withdraw your BTC to your own wallet after trading, to avoid risk of the account being frozen or the platform geo-blocking you later. Also be aware that some exchanges may require KYC even for crypto-only trading if volumes are high.
Decentralized Exchanges (DEXs) and Cross-Chain Swaps: After China’s exchange ban, many users turned to decentralized finance platforms that don’t require KYC . Decentralized exchanges (like Uniswap or SushiSwap on Ethereum, PancakeSwap on BSC, etc.) allow token swaps without an intermediary. However, most DEXs are limited to tokens on the same blockchain. You cannot directly buy native Bitcoin on a typical DEX because Bitcoin operates on its own chain. What you can do is swap for a wrapped Bitcoin token (WBTC, BTCB, etc.) on networks like Ethereum or BSC, which is pegged to BTC’s value . This gives you price exposure to BTC, but it’s not the same as holding BTC on the Bitcoin network. To truly swap one crypto for native BTC, specialized cross-chain services are needed. Protocols like Thorchain (through interfaces like ThorSwap) facilitate cross-chain swaps (e.g. swap Ethereum or USDT to native BTC in a decentralized way), but these can be complex for newcomers and require using a VPN and specific wallets. Another method is using atomic swap services or swap platforms (e.g. Changelly, ShapeShift, SideShift AI). Some of these allow you to exchange, say, USDT for BTC and provide an address to receive BTC. Be cautious: many swap services are semi-centralized and may geo-block or require KYC if they detect a Chinese IP or large transaction – always check their terms.
Peer-to-Peer Crypto Swaps: You could also arrange a trade with another individual – for example, you have Ethereum and want Bitcoin, and someone else has Bitcoin and wants Ethereum. Platforms like the P2P exchanges mentioned can sometimes facilitate crypto-for-crypto trades as well (some P2P sites list offers like BTC for USDT). There are also forums and Telegram groups where people directly swap coins, but watch out for scams. Using a reputable escrow (like a trusted third party or an escrow smart contract) is key if you go this route.
Bottom line: Crypto-to-crypto swapping is a useful option if your money is already in crypto form. It sidesteps the RMB conversion problem entirely. For instance, a common approach in China is: buy USDT with CNY via P2P/OTC, then trade USDT to BTC on a platform. This two-step process is practically the norm – it’s easier to find someone selling USDT for CNY (since Tether is a stablecoin and widely available), and once you hold USDT, you can convert to Bitcoin almost anywhere. Just remember to withdraw your BTC to a secure wallet you control after the swap, especially if you used a centralized exchange.
5. Payment Methods for Buying Bitcoin in China
When purchasing Bitcoin through the above methods, you’ll encounter a variety of payment methods to actually transfer funds. Here are the most common payment options supported in China’s crypto marketplace, along with notes on each:
Bank Transfers (Domestic Bank Account): Paying via direct bank transfer (银行转账) is very common on P2P platforms and OTC trades. This involves a standard RMB bank transaction from your account to the seller’s account. Many P2P platforms have sellers who accept bank deposits – you’ll get their name and account number to send money to. Bank transfers are appealing because they can handle large amounts, but they are the most monitored channel. Chinese banks have been instructed to flag and even freeze accounts involved in frequent crypto-related transfers . To mitigate risk, traders often use accounts from smaller regional banks or third-party payment banks, and keep transaction sizes moderate (e.g. < ¥50k) . If using a bank transfer, never write anything crypto-related in the notes. It’s wise to use vague descriptions like “payment” or leave it blank. Also, consider using a bank that you wouldn’t mind losing – if the worst happens and the account is frozen for investigation, it won’t cripple your main finances. Some buyers even maintain a separate account just for P2P trading. Speed: Domestic bank transfers are fast (often near-instant if within the same bank or via CNAPS fast payments). Ensure you complete the payment within the timeframe given by the platform to avoid trade cancellation.
Alipay (支付宝): Alipay is a ubiquitous mobile payment wallet in China and a popular method for P2P trades up to medium amounts. Many P2P sellers list Alipay as an accepted method because it’s quick – you can scan their QR code or send to their Alipay ID and the transfer happens in seconds. Alipay pros: Convenience, speed, and no need to handle bank details. Cons: Alipay (Ant Group) has explicitly forbidden crypto transactions on its platform and stated it will suspend accounts found to be used for Bitcoin trading . In practice, people still use it, but you should be careful. Try to keep Alipay transfers to moderate sums (e.g. a few thousand RMB each) and low frequency so they blend in with normal wallet activity. Do not include any messages indicating it’s for crypto. Some traders recommend doing a small non-crypto Alipay transaction with a new counterparty first (like send ¥1 with a note “hi”) to build a history, then the larger amount, to avoid looking suspicious. Also, because Alipay is linked to your real name and ID, a flagged crypto transaction could have personal repercussions (account frozen, etc.). Nonetheless, as of 2024, P2P platforms like Paxful and LocalCoinSwap still list Alipay as a funding option and many trades use it successfully . It’s all about not drawing attention.
WeChat Pay (微信支付): WeChat Pay is similar to Alipay in function – tied to your bank or wallet balance and used via the WeChat app. It’s also widely offered on P2P exchanges as a payment method. User experiences and precautions are essentially the same as Alipay. Tencent (WeChat’s owner) also does not condone crypto trading on its payment platform, so the same warnings apply: keep transactions look “normal”, possibly label them as something innocuous like a gift or meal sharing if needed (but many traders send without any note at all). WeChat Pay has transaction limits depending on verification level, but those are usually in the tens of thousands RMB per day, which is generally sufficient for P2P trades. One benefit is that a WeChat Pay transfer appears like a personal transfer in the app, which might seem less formal than a bank wire – but note that WeChat can and will ban accounts if they suspect illegal financial activity. As a safety measure, some traders use secondary or business WeChat accounts for crypto-related payments, not their primary social account.
Cash (In-Person Deals): While less common, cash transactions are the most offline method to buy Bitcoin. This could mean meeting a local seller face-to-face in Shanghai and paying physical RMB cash for them to send you BTC on the spot (using mobile wallets). There have been Bitcoin meetups or brokers in major cities facilitating such trades, but it’s risky: carrying large sums of cash can be dangerous, and you have no recourse if anything goes wrong in person. If you pursue this, only meet in a safe, public place (or ideally at a bank so you can deposit/verify the cash immediately) and perhaps bring a friend for security. In Hong Kong’s OTC shops, cash for crypto is standard – they even serve customers who bring suitcases of cash. In mainland China, doing a large cash-for-BTC trade is not advised unless you truly trust the seller, because if law enforcement happened to get wind, it could be interpreted as an unlicensed transaction or even money laundering. There have been crackdowns in China where P2P traders (especially those dealing in cash or high volumes) were arrested under anti-fraud or AML operations. So use cash only for small, informal trades as a last resort.
Other Methods: Some other payment methods you might encounter include Postal Savings cards, UnionPay transfers, gift cards, or e-wallets. For example, occasionally sellers accept prepaid gift cards (they might resell those for money) – though this is more common in markets like the U.S. than China. International payment services like PayPal are generally not in use for China P2P (PayPal isn’t widely used domestically). However, a Chinese buyer might use services like Wise or Western Union to send money abroad to an OTC broker’s account if doing a cross-border deal. These methods tend to have higher fees or longer times. Crypto ATMs: In Hong Kong there are Bitcoin ATMs where you feed in cash and get BTC; in the mainland these do not exist (and would be illegal).
In summary, the preferred payment methods for buying BTC in China are Alipay, WeChat Pay, or domestic bank transfer, due to their ubiquity . Each has trade-offs in terms of convenience vs. risk. It’s wise to diversify – e.g., do some trades via bank, some via Alipay – rather than putting a huge volume through one channel. And always verify with the seller how they prefer to receive money (some may only want bank transfers due to past issues with Alipay, or vice versa). The P2P platforms usually display the seller’s accepted methods clearly, and you should only initiate trades with sellers that support your desired method.
6. Safety Tips and Legal Considerations
Buying Bitcoin in Shanghai (or anywhere in China) requires careful navigation of both technical risks and legal gray areas. Staying safe involves protecting yourself from scams, avoiding unwanted attention from authorities, and securing your crypto assets post-purchase. Below are crucial tips and considerations:
Use a VPN and OpSec: Since most crypto sites and apps (exchanges, news, even some P2P platforms) are blocked in China, a reputable VPN is essential for access. However, note that using unauthorized VPNs is officially illegal in China, albeit widely done – you risk the VPN connection being dropped or, in rare cases, fines. Choose a VPN with strong encryption and no-log policies. Do not discuss crypto activities on WeChat or other Chinese social media – those are monitored. Keep a low profile about your Bitcoin buying to everyone except trusted peers.
Stay within Limits & Avoid Large Red-Flag Transactions: As mentioned, break your purchases into smaller chunks if possible. Chinese regulators monitor for large or frequent transfers that could indicate crypto trading or illegal fundraising. Keeping individual trades below ¥50k (or even ¥10k for Alipay/WeChat) is a common strategy . Also, allow time between trades – dozens of trades in a single day through one account might raise suspicion. If you plan to move a lot of value, consider using your $50k/year FX quota to do it legitimately via Hong Kong or overseas, rather than pushing huge sums via underground channels.
Reputation and Escrow – Avoid Scams: When using P2P platforms, always transact through the platform’s escrow system. Never agree if a seller asks you to release the escrow before you see the funds, or if they want to take the conversation off-platform and do a private deal – those are major red flags for scams. Stick to sellers with a high number of trades and near-100% completion rate. If a deal sounds too good (e.g., a price significantly lower than others), be skeptical. Scammers might also send you phishing links or pretend to be customer support – ignore any contacts not through the official platform channels.
No Crypto Talk in Payment Notes: We can’t emphasize this enough – whether you’re doing a bank transfer or mobile wallet payment, never mention Bitcoin, BTC, USDT, etc., in the transaction memo or comments. Even using terms like “coin” or “blockchain” could trigger an automated freeze. If the seller asks you to include a particular note (some might as a reference), make sure it’s a harmless one (like an order ID that doesn’t imply crypto). Generally, P2P sellers themselves will advise buyers not to write anything sensitive.
Be Cautious with Personal Information: While some platforms don’t require full verification for Chinese users (to preserve anonymity ), others do need your ID. Providing KYC documents to an offshore exchange or platform could potentially expose you if that data were ever leaked to authorities. Try to use platforms that you trust have strong data security. If you have an option to use an international passport instead of a Chinese ID for verification, that might be preferable. Also, never give out extra info to a seller beyond what’s needed – they don’t need your ID, only the platform does for KYC. If a seller in P2P chat asks for personal details (outside of perhaps a proof screenshot of payment), decline and report if it’s suspicious.
Regulatory Climate & Legal Risk: Understand that under PBoC’s 2021 notice, virtually all crypto trading-related activities are considered illegal financial activities in China . What does this mean for an individual buyer? It means you’re operating in a gray zone. While thousands of people do small P2P trades and are not arrested, the law offers you no protection. If, for instance, a seller runs away with your money, you cannot go to the police and say “I tried to buy Bitcoin and got scammed” without potentially incriminating yourself. Additionally, if you trade very large amounts, you could become a target for enforcement – some cases have seen authorities charge OTC traders with money laundering or illegal business operations, especially if linked to other crimes (like telecom fraud funds being cashed out to crypto). Bottom line: for personal, modest purchases, the risk of legal trouble is low but not zero. Remain discreet, don’t advertise your activities, and keep an eye on news (in case the government announces new crackdowns or monitoring efforts). Note that Chinese courts have on occasion ruled that cryptocurrency is property protected by law (e.g., in disputes, owners have some rights) – but that doesn’t legalize trading, it just means if someone steals your crypto, theoretically you have a property claim. Still, those nuances are evolving .
Platform Shutdowns and Backups: The crypto industry is fast-moving. As we’ve seen, LocalBitcoins shut down in 2023, Paxful had temporary outages, exchanges like FTX collapsed, etc. There is also the risk that at any time China could pressure a platform to cut off Chinese users or a platform might proactively geo-block China. Always have a backup plan: keep a list of multiple P2P services and brokers. Do not leave your money on any platform longer than needed. If you bought BTC on a P2P exchange wallet, transfer it out to your personal wallet promptly. If you have CNY funds parked with an intermediary or pending deal, minimize that duration. It’s wise to hold your Bitcoin in a secure personal wallet (preferably a hardware wallet) after purchase . This way, if a platform is suddenly unavailable, your coins remain safe in your custody.
VPN and Device Hygiene: Besides using a VPN, make sure your devices are secure. Use updated antivirus and beware of malware (there have been cases of malware targeting Chinese users to steal crypto credentials). Also, using a separate device or phone for crypto apps (separate from your work/WeChat phone) can compartmentalize risk. Ensure 2FA (two-factor authentication) is enabled on all exchange or P2P accounts (ideally using authenticator apps, not SMS 2FA to a +86 number).
Dealing with Frozen Accounts: If despite precautions, a bank or payment account of yours gets frozen (卡冻结) due to a crypto-related transfer, there is a standard procedure to follow. Typically, the bank freeze is temporary pending an investigation. You may be asked to explain the transaction. It’s often wise to say as little as possible – you might claim it was for an online purchase or a loan repayment or something mundane. Providing proof of a non-crypto purpose might help if you have it. Eventually, most individual small cases get resolved and the account is unfrozen (possibly after a few weeks/months), though the funds might be held if linked to a crime. If a large sum is frozen as part of a criminal investigation (e.g., unknowingly your counterparty was laundering money), you might need legal counsel to petition for release. To avoid this nightmare, vet your trading partners: do not trade with someone who insists on using third-party accounts or whose name doesn’t match (e.g. a different name for receiving funds – that’s often a sign of dodgy money). Only pay the exact account name/number provided on the P2P order which should match the verified name of the seller.
Stay Informed: China’s stance on crypto can change. It’s useful to keep an eye on local news (through crypto news sites or communities) for any shifts – for example, if the government announces a crackdown on OTC trading or new monitoring techniques, you’d want to know. Also monitor Hong Kong’s developments; if HK further opens up (or restricts) crypto access, that could present new opportunities or limitations. Joining expat or crypto forums (like r/China or r/CryptoCurrency on Reddit, or WeChat groups if you find trustworthy ones) can provide updates from people on the ground. Just remember to use pseudonyms online and don’t overshare your personal trading info.
In conclusion, purchasing Bitcoin from Shanghai is entirely possible through a variety of methods, but it requires you to operate carefully in a gray market environment. Most people go the P2P route for convenience, using platforms like Binance P2P, Paxful, etc., and pay via AliPay/WeChat or bank transfer . Others use OTC brokers or take trips to Hong Kong to access more official channels. Always weigh the convenience vs. risk: using local P2P is quick but carries some legal risk, whereas going to a regulated venue (like a Hong Kong exchange) is legal but less convenient. By following the best practices outlined – using VPN, keeping trades discreet, and securing your crypto – you can significantly mitigate the risks. Bitcoin’s decentralized nature is exactly why, despite strict bans, Chinese demand remains strong and people find ways to acquire it . Just proceed wisely, and you’ll be able to navigate the process of buying Bitcoin in Shanghai safely.
Sources:
BanklessTimes – How to Buy Bitcoin in China (2024)
Reuters – “Bruised by stock market, Chinese rush into banned bitcoin” (Jan 2024)
Forbes (via Reddit summary) – “Chinese People Continue Buying More Bitcoin, Despite Strict Bans”
Reddit r/chinalife – Discussion of Alipay and P2P trades
Bitcoin.com – Crypto Exchanges in China 2025 (regulatory FAQ)
Cointelegraph – OTC shops in Hong Kong (on mainland tourists and OTC culture)
Boxmining – Bitcoin OTC in China (Alipay statement on banning crypto transactions)
Holding Bitcoin is lawful, giving you title once you obtain it
Money‑laundering crackdown (2024)
OTC traders and large USDT flows face extra scrutiny; keep records and stay small
Great Firewall & VPNs
Offshore sites (Binance, OKX, Bybit) only load reliably via VPN
Bottom line: Owning Bitcoin is fine, but facilitating trades or soliciting others can be prosecuted. Transact discreetly and stick to personal use.
2. The Three Practical On‑Ramps 🚪
A. P2P Marketplaces (fastest)
Install a reputable VPN and set your exit node outside mainland China. (Japan, HK or Singapore endpoints work well.)
Open an account on an offshore exchange that still runs a CNY‑denominated P2P board (Binance, OKX, HTX/Huobi, Bybit, KuCoin).
Example guide for mainland users on Binance shows the full workflow, including KYC and payment methods.
Convert CNY → USDT first. Current buy offers on Huobi’s board give a live reference price.
Swap USDT for BTC inside the same exchange, or move USDT to a DEX (Uniswap, 1inch) and swap there if you prefer no CEX trace.
Withdraw BTC to your own wallet (cold storage recommended—see below).
B. Cash OTC in Shanghai
Local broker listings such as BestChange show vetted merchants willing to take physical cash (or bank transfer) for USDT in Shanghai.
Agree to meet in a public place, verify funds on‑chain before handing over cash, and always use small tranches to limit counter‑party risk.
Be aware that OTC desks are in a regulatory grey zone; large deals can trigger AML investigations.
C. “Hong Kong Bridge”
Hong Kong’s licensed exchanges and newly issued VA trading permits create a compliant offshore channel. Mainland broker subsidiaries are already applying for SFC licences.
A quick MTR ride (or an international bank app tied to your HK account) lets you fund a spot Bitcoin ETF or buy BTC directly on HashKey, OSL, etc. Those ETFs have seen assets balloon five‑fold since late 2024.
You still need to observe China’s capital‑control limits when moving funds back and forth.
Sign up on an offshore exchange (Binance/OKX/Bybit) with VPN on. Complete minimum KYC or choose a no‑KYC DEX if you value anonymity more than convenience.
Find a P2P seller of USDT willing to accept your CNY payment method (bank transfer, Alipay, WeChat Pay).
Buy a small test amount first; check the escrow timer; release payment only after USDT lands in your exchange wallet.
Swap USDT→BTC, then withdraw to self‑custody:
Hardware options such as the Tangem card wallet or Ledger/Trezor keep your keys off‑line.
(Optional) Diversify custody – send a portion to a multi‑sig wallet or an HK exchange for regulated exposure.
Document every step (screenshots, TXIDs) for proof of legitimate source in case of banking questions.
4. Risk & Compliance Tips 🛡️
Size matters: Trades under RMB 50 k rarely draw attention, but repeated round‑lots or large OTC blocks can be flagged by banks.
Record‑keeping: Keep TXIDs, P2P chat logs and payment receipts for five years; they prove the BTC is your lawful property if challenged.
No advertising: Do not post public buy/sell ads or run an OTC booth yourself—those are “business activities” banned by the PBOC notice.
Avoid mixing services: China’s highest court explicitly lists crypto‑based money‑laundering as a criminal offence.
5. Alternative, Lower‑Touch Exposure 🏖️
Method
How it works
When it makes sense
Spot/Futures Bitcoin ETFs in Hong Kong
Buy via HK brokerage; no self‑custody headache
You already have an HK securities account
Overseas robo‑advisers or trusts
Interactive Brokers, Swissquote, etc.
You have foreign‑exchange quota and tax filing in order
Earning BTC
Freelance for BTC/Lightning payments
Great for students or digital nomads—no CNY on‑ramp needed
6. Final Pep‑Talk 🎉
China’s rules try to fence off speculative trading, but they do not extinguish Bitcoin. With the right mix of caution, privacy tools and disciplined self‑custody, you can still convert your hard‑earned yuan into sound digital money—and sleep well at night knowing the keys are in your pocket, not a distant exchange’s database. Start small, learn by doing, and level up: today’s first satoshi could be tomorrow’s life‑changing asset. Go make it happen—加油!