Bybit Opens Registration for Chinese Users, Reports Colin Wu
The cryptocurrency exchange Bybit appears to have begun offering services in mainland China, a jurisdiction previously excluded by the platform.
Exclusive: The third largest offshore exchange Bybit suddenly opened up registration and authentication for users in China. Bybit has long strictly prohibited the registration and use of all Chinese users. The management team has been very cautious about this. pic.twitter.com/m71BdT4KAq
— Wu Blockchain (@WuBlockchain) June 5, 2024
According to journalist Colin Wu’s team, clients from China can verify their accounts on the platform by providing an identity card, passport, driver’s license, or residence permit.
As per the terms of service, the country is listed among the jurisdictions where Bybit does not offer services or products.
“Data shows that the number of Chinese users could reach tens of millions. Most of Bybit’s competitors have opened registration for them. However, the exchange’s move also caused panic among its employees,” the journalists wrote.
They noted that the platform withdrew a previously submitted application for a license in Hong Kong. The regulator of the autonomous region warned that license holders should not provide services to clients from China.
Bybit representatives stated that registration is open only for Chinese users residing outside the country.
In April, Russian traffic to Bybit reached 25%, significantly exceeding the corresponding figures of other exchanges.
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