Bybit Opens Doors to Chinese Citizens Living Abroad
Bybit, a leading crypto exchange, is now allowing Chinese citizens residing outside their home country to access its services, providing they live in regions the platform serves.
Policy Shift for Chinese Users
The popular crypto exchange recently updated its Terms of Service to include Chinese citizens living abroad in the list of supported users. If they reside in a jurisdiction where Bybit operates, they can use their Chinese ID or passport to sign up.
Bybit’s Evolution
Established in 2018, Bybit is the second-largest crypto exchange globally, attracting 30 million monthly visitors. Despite excluding clients from the US, China, Hong Kong, Singapore, and other areas, it has maintained its status in the market.
Global Expansion and Restrictions
Bybit decided to exit the Canadian market in 2023 due to regulatory changes and later suspended operations in the UK. Meanwhile, China has been tightening its grip on crypto activities, including banning Bitcoin mining in 2021. However, signs of a change in stance have emerged with the introduction of Bitcoin and Ethereum ETFs in Hong Kong.
Chinese Access to Bybit
Although Bybit is now accessible to Chinese citizens abroad, the platform still blocks IP addresses originating from China. The company has not clarified its approach to customers using VPNs to conceal their location.
Communication with Bybit
Bybit has not responded to Decrypt‘s request for comments on this development.
Hot Take on Bybit’s Strategy
This move by Bybit to allow Chinese citizens abroad to access its services showcases the company’s adaptability and commitment to global expansion. However, managing VPN usage and ensuring compliance with local regulations could pose challenges for the exchange in the future.
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