Bybit Opens Services to Chinese Citizens Abroad

Bybit, a Dubai-based cryptocurrency exchange, is now offering its products and services to Chinese citizens living outside mainland China, according to a report by the South China Morning Post. This new policy allows these individuals to sign up using their Chinese ID or passports, provided they reside in a jurisdiction where Bybit operates.

This development follows Bybit’s recent update to the “Service Restricted Countries” section of its Terms of Service. The change is significant given the stringent stance the Chinese Communist Party (CCP) has taken on cryptocurrency trading for its citizens. Since 2021, China has implemented a comprehensive ban on all cryptocurrency transactions and mining activities, enforced by the People’s Bank of China (PBOC) and other regulatory bodies to eliminate illegal financial activities and maintain financial stability (CoinDesk) (Cointelegraph).

Despite this official prohibition, there have been reports of ongoing covert trading activities within China. Conversely, Hong Kong, a special administrative region of China, has adopted a more open approach, recently approving Bitcoin and Ether ETFs to foster the growth of the crypto sector (CoinDesk).

Bybit, launched in March 2018, is currently the world’s second-largest cryptocurrency exchange after Binance, according to Coingecko, with 30 million monthly visitors. This status is maintained despite not serving users in the United States, China, Hong Kong, Singapore, and several other jurisdictions. In May 2023, Bybit announced its exit from Canada due to regulatory changes, and later that year, it suspended operations in the United Kingdom.

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