Bybit opens doors to Chinese users despite regulatory hurdles

Bybit has removed China from the database of countries whose citizens are restricted from utilizing its services.

CryptoSlate confirmed this improvement connected June 5 via the exchange’s website and noted that the database inactive includes different countries specified arsenic the United States, the United Kingdom, Canada, Singapore, and Hong Kong.

It is unclear if Bybit has secured licensing to run successful China. However, marketplace observers judge the determination could pull millions of Chinese users to the platform.

Earlier today, Wu Blockchain reported that the crypto speech was allowing Chinese users to register. The writer added:

“Bybit’s competitors person fundamentally opened registration for Chinese users. However, Bybit’s determination has besides caused panic among interior employees.”

According to CoinMarketCap, Bybit is the second-largest crypto speech by trading volume, processing implicit $4 cardinal worthy of trades successful the past 24 hours. Blockchain analytics steadfast Nansen’s speech reserve dashboard shows that customers clasp implicit $7 cardinal worthy of assets connected the platform.

As of property time, Bybit has not commented publically connected the improvement oregon responded to requests for comment.

China’s anti-crypto stance

Bybit’s determination to found a beingness successful China is unexpected, fixed the country’s strict regulatory stance towards the crypto industry. China initially prohibited crypto transactions successful 2013 and extended the prohibition to crypto mining activities successful 2021.

This anti-crypto regulatory situation forced respective crypto platforms, including Binance and HTX (formerly Huobi), to cease serving customers successful mainland China aft authorities barred overseas exchanges from providing services to mainland investors.

Despite the ban, reports suggest that crypto traders successful China person recovered alternative ways to participate successful the crypto market. A Chainalysis report ranked China arsenic the 3rd Asian state with the highest crypto activities, stating that Chinese crypto received transactions worthy $86.4 cardinal betwixt 2022 and 2023.

The station Bybit opens doors to Chinese users contempt regulatory hurdles appeared archetypal connected CryptoSlate.