Markets
Bybit opens crypto trading to Chinese users living abroad
Cryptocurrency exchange Bybit gives Chinese citizens living outside China access to its products and services, according to a report from South China Morning Post– provided they reside in a jurisdiction that the company still serves.
The policy change comes after the Dubai-based cryptocurrency exchange updated its Restricted service countries terms of service section of the exchange Friday. Chinese citizens living outside mainland China will be able to register using their Chinese ID card or passport, the SCMP said.
Launched in March 2018, Bybit is the second largest cryptocurrency exchange in the world after Binance, according to Coingecko, with 30 million monthly visitors. It holds this status even though it does not serve users in the United States, China, Hong Kong, Singapore, and several other jurisdictions.
In May 2023, Bybit announced that it would withdraw from Canada, citing regulatory changes. Later that year, Bybit suspended its operations in the United Kingdom.
Since 2021, China itself has restricted access to cryptocurrencies, even banning them Bitcoin mining in June 2021. China’s position on cryptocurrencies, however, seems to be softening, with the launch of Bitcoin And Ethereum exchange traded funds (ETF) in Hong Kong in April.
Even though the cryptocurrency exchange will now welcome Chinese citizens, it continues to block IP addresses originating from China. The company did not say how it would treat customers who use virtual private networks (VPNs) to hide their location.
Bybit did not immediately respond to a request for comment from Decrypt.
Edited by Ryan Ozawa.