Binance, often referred to as "币安" in Chinese, is one of the world's largest cryptocurrency exchanges by trading volume. Founded in 2017 by Changpeng Zhao, it quickly gained a global user base due to its wide range of supported digital assets, low trading fees, and advanced trading features. However, for Chinese users, the question of how to withdraw funds from Binance has become increasingly complex since China imposed a nationwide ban on cryptocurrency trading and exchange operations in 2021. This article explains what Binance is, its current status for users in China, and the practical steps for withdrawing assets from the platform while navigating regulatory restrictions.

First, it is essential to understand that Binance is not a "Chinese exchange" in the operational sense. Although its founder has Chinese roots and the platform originally targeted the Chinese market, Binance relocated its headquarters to the Cayman Islands and later to other jurisdictions after China's regulatory crackdown. As of 2025, Binance does not offer direct fiat currency (CNY) withdrawal services to Chinese bank accounts. The platform has also removed the Chinese language interface and blocked access for users with mainland Chinese IP addresses. For those who still have accounts with Binance, the only way to withdraw value is to convert their crypto assets into digital currencies and then move them to external wallets or peer-to-peer (P2P) trading platforms that still serve Chinese users.

To withdraw funds from Binance while living in China, follow these general steps. First, ensure your account is secure by enabling two-factor authentication (2FA) and updating your password. Next, log in to your Binance account via the official website or mobile app. If you are blocked by IP restrictions, you may need to use a reliable Virtual Private Network (VPN) to access the platform, though this carries its own legal risks in China. Once logged in, navigate to the "Wallet" section and select "Withdraw." Choose the cryptocurrency you wish to withdraw—such as USDT (Tether) or BTC (Bitcoin)—and enter the amount. You will need to provide the receiving address of an external wallet that you control, such as a hardware wallet or a wallet from a decentralized exchange.

After submitting the withdrawal request, Binance will send a confirmation email or SMS. Complete the verification process, and your crypto will be transferred to the external address within a few minutes to an hour, depending on network congestion. From there, you can choose to hold the tokens privately or use a P2P platform like Huobi OTC or OKX’s P2P market to sell your crypto for Chinese yuan. On these P2P platforms, you can advertise your sell order, and once a buyer transfers the yuan to your Alipay or WeChat Pay account, you release the crypto. This process allows Chinese users to effectively "withdraw" their value from Binance without violating local banking laws.

It is critical to note that since September 2021, all cryptocurrency-related transactions, including P2P trading, are officially prohibited for financial institutions in China. Individual holders who use P2P services to cash out may face frozen bank accounts or legal scrutiny if banks detect suspicious transactions. Therefore, always keep transaction records, avoid transferring large sums in a single transaction, and be aware that the regulatory environment may change without notice. Some users prefer to withdraw small amounts gradually and spread transactions across different payment accounts to minimize risk.

In summary, while Binance remains a powerful global exchange, its accessibility and withdrawal options for users in China are severely limited. The platform no longer supports direct CNY withdrawals. Instead, Chinese users must withdraw crypto to external wallets and then sell them through P2P channels. This process is not risk-free and requires careful attention to legal and security considerations. Understanding these steps is crucial for anyone who still holds assets on Binance and seeks to exit or manage their position from within China.