Bybit Enforces Rigorous Checks on Russian Clients to Comply with Sanctions

Cryptocurrency exchange Bybit is conducting thorough checks on Russian clients and adhering to “very strict rules” to comply with sanctions, according to the platform’s CEO Ben Zhou in an interview with Bloomberg.

He noted that Russia and CIS countries account for approximately 20% of the exchange’s trading volumes.

Bybit is currently seeking a license to operate in Georgia after obtaining a similar permit in Kazakhstan in May 2023.

“We see significant growth in these areas. It is a developing region with great potential,” Zhou remarked.

Europe is currently Bybit’s largest market, accounting for about 30-35% of trading volumes. However, the exchange has had to limit certain products due to MiCA regulations. The company is eyeing Brazil, Turkey, and Africa as new sources of growth.

In early June, the trading platform opened registration for residents of mainland China. Zhou pointed to growing demand from Chinese expatriates, and legal assessments indicate that the risks of serving them are “relatively low.”

In May, Russian users made up 27% of Bybit’s total traffic.