Bybit opens doors to Chinese users despite regulatory hurdles Bybit opens doors to Chinese users despite regulatory hurdles
China has continued to publicly maintain a hostile stand towards crypto trading activities.
1 min read
Updated: Jun. 5, 2024 at 9:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bybit has removed China from the list of countries whose citizens are restricted from using its services.
CryptoSlate confirmed this development on June 5 via the exchange’s website and noted that the list still includes other countries such as the United States, the United Kingdom, Canada, Singapore, and Hong Kong.
It is unclear if Bybit has secured licensing to operate in China. However, market observers believe the move could attract millions of Chinese users to the platform.
Earlier today, Wu Blockchain reported that the crypto exchange was allowing Chinese users to register. The journalist added:
“Bybit’s competitors have essentially opened registration for Chinese users. However, Bybit’s move has also caused panic among internal employees.”
According to CoinMarketCap, Bybit is the second-largest crypto exchange by trading volume, processing over $4 billion worth of trades in the last 24 hours. Blockchain analytics firm Nansen’s exchange reserve dashboard shows that customers hold over $7 billion worth of assets on the platform.
As of press time, Bybit has not commented publicly on the development or responded to requests for comment.
China’s anti-crypto stance
Bybit’s decision to establish a presence in China is unexpected, given the country’s strict regulatory stance towards the crypto industry. China initially prohibited crypto transactions in 2013 and extended the ban to crypto mining activities in 2021.
This anti-crypto regulatory environment forced several crypto platforms, including Binance and HTX (formerly Huobi), to cease serving customers in mainland China after authorities barred overseas exchanges from providing services to mainland investors.
Despite the ban, reports suggest that crypto traders in China have found alternative ways to participate in the crypto market. A Chainalysis report ranked China as the third Asian country with the highest crypto activities, stating that Chinese crypto received transactions worth $86.4 billion between 2022 and 2023.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
Ben Zhou is the co-founder and CEO of Bybit, a cryptocurrency derivatives exchange headquartered in Singapore.