COIN Stock Rises as Coinbase Opens Platform for Chinese Users

User reports shared on social media suggest Coinbase has begun allowing some mainland Chinese users to complete identity verification. Coinbase has not publicly confirmed the reported change. Before now, users in the country could not use a mainland address to complete the platform’s know-your-customer (KYC) process.

With the gain, COIN stock is up slightly in the last 24 hours, rising to $159. It is unclear whether the performance is due to the move or is just a general reaction to the positive turnaround in the crypto market.

Coinbase Still Silent Even as Users Confirm New Developments

According to reports from many users, they have been able to register on the Coinbase platform using a Chinese national ID card and an address in the mainland. The change represents a turnaround for Coinbase, which previously prevented mainland Chinese users from registering by not accepting any proof of address from the country.

Some noted they were able to complete registration using only their ID and phone number. However, Coinbase has yet to officially confirm the development, even as users share screenshots of completing their registration.

Even if identity verification is available, Coinbase has not announced that it offers regulated cryptocurrency trading services within mainland China. Chinese regulations continue to restrict cryptocurrency trading and related financial services.

Meanwhile, the move has raised speculation that Coinbase is quietly expanding into the country after years of restricting mainland Chinese users from its proof-of-address requirements.

However, the user reports indicate that the account does not support bank card or fiat deposits. Instead, users have to receive USDC into their onchain accounts for trading.

This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments and crypto-related stocks remain subject to market, regulatory, and operational risks. Readers should conduct their own research before making investment decisions.

China’s Hardline Crypto Stance Remains

It is unclear whether Coinbase’s availability in China is due to quiet expansion by the exchange or a bug. If it is a deliberate move, it represents an ambitious venture by Coinbase, given China’s stance on crypto.

The country has banned cryptocurrencies since 2021 and has reiterated this position on several occasions. The ban also extends to foreign crypto exchanges with the threat of heavy penalties and sanctions.

As recently as February 2026, the People’s Bank of China and other key regulators stated that crypto and stablecoins remain banned. The release also extended the ban to tokenized real-world assets (RWA)

However, that has not prevented the adoption of crypto in the country, with many users relying on VPNs to access offshore exchanges.

The growth of crypto in the country has led to an increase in crypto-related lawsuits. In response to this development, a member of the Supreme People’s Court’s judicial committee, Liu Guixang, said the courts will study judicial rules for virtual assets.