Bybit Opens Overseas Registration for Chinese Nationals

Key takeaways:

• Chinese nationals living abroad are apparently now able to register and have their identities verified by the crypto exchange Bybit.
• Since 2017, China has prohibited crypto exchanges from functioning there, forcing numerous businesses to relocate.

Chinese nationals living abroad are apparently now able to register and have their identities verified by the crypto exchange Bybit.

Bybit users reported on June 6 that the exchange will permit Chinese nationals living abroad to sign up and transact crypto on the network. Although users can register using a Chinese national ID, it doesn’t appear that trading crypto as a Chinese national based on your ID is allowed.

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

After Coinbase and Binance in terms of trading volume, Bybit is one of the biggest crypto exchanges, with its headquarters located in Dubai. Due to the regulatory environment, the company had previously left Canada, but it has since grown into other regions, such as Kazakhstan and the Netherlands.

Since 2017, China has prohibited crypto exchanges from functioning there, forcing numerous businesses to relocate. The government also took harsh measures against miners in 2021. As of 2020, over 10 million Chinese people were living outside of the nation, according to data from the Migration Data Portal.

Roughly 320,000 customers who were not granted an airdrop of the play-to-earn game and token Notcoin (NOT) prior to the market opening were compensated with $26 million by Bybit in May. The exchange’s leadership changed as a result of the mishandled airdrop.

The use of crypto and other electronic payment methods in bribery is something that has been called for to be cracked down on, according to a January 2024 China’s Legal Daily report. The report included quotes from a number of law academics who attended the yearly meeting of the China Integrity and Legal Research Association. The punishment of new forms of corruption was one of the primary subjects of discussion. Zhao Xuejun continued, “The CCP is fighting corruption with unprecedented intensity.”