Bybit Welcomes Chinese Cryptocurrency Enthusiasts Despite Intensifying Regulatory Measures

As indicated by an update from WuBlockchain on Twitter, Bybit exchange has recently removed China from its restricted countries roster, now allowing Chinese users to engage with the platform despite the country’s stringent regulations against cryptocurrency mining and trading activities.

Bybit has apparently initiated the registration process for users in China, implementing know-your-customer (KYC) protocols. This offers the country’s residents the opportunity to authenticate their accounts using official identification documents, such as passports or driver’s licenses.

As of the 5th of June, references to China are missing from Bybit’s Terms of Service’s list of restricted regions, which still includes the U.S.A, U.K, Canada, Singapore, and Hong Kong. To date, there has been no formal announcement regarding the change or any details concerning license acquisitions within China.

Some concerns have surfaced within the cryptocurrency community regarding Bybit’s welcoming of Chinese users. There’s speculation that Bybit’s entrance into the Chinese market could lead to a wave of new users from a country where cryptocurrency-related activities, although officially banned, are still prevalent.

In the last 24-hour period, Bybit has seen a substantial exchange volume of $4 billion, securing its position as the second-highest in terms of trading volume in the crypto exchange market. Holders on the platform account for more than $7 billion in assets, according to data from Nansen.

Since 2013, China’s aggressive measures against cryptocurrencies have included the outright ban of crypto trades and subsequently crypto mining in 2021, compelling major platforms like Binance and Huobi to shut their doors to the Chinese customer base.

Despite such constraints, recent investigations have brought to light continued participation in crypto trading by Chinese citizens. A Chainalysis report placed China in the top three for cryptocurrency engagement in Asia throughout 2022-2023.