Bybit, a prominent cryptocurrency exchange, made a surprising announcement by removing China from the list of countries whose citizens are restricted from using its services. This unexpected development was confirmed by CryptoSlate on June 5, who also noted that countries like the United States, the United Kingdom, Canada, Singapore, and Hong Kong are still on the restricted list. The decision to allow Chinese users access to the platform raised eyebrows in the industry.
The decision by Bybit to open its services to Chinese users has the potential to attract millions of new customers to the platform. Market observers see this move as an opportunity for Bybit to expand its user base significantly. The news that Chinese users can now register on the exchange has also caused concern among Bybit’s internal employees, as reported by Wu Blockchain.
According to CoinMarketCap, Bybit is currently the second-largest cryptocurrency exchange in terms of trading volume, with over $4 billion traded in the past 24 hours. Nansen’s exchange reserve dashboard reveals that customers hold assets worth over $7 billion on the platform. Despite these impressive numbers, Bybit has not officially commented on the policy change or responded to inquiries from the media.
China has maintained a strict regulatory stance towards the cryptocurrency industry for several years. The country initially banned crypto transactions in 2013 and later extended the prohibition to include crypto mining activities in 2021. This regulatory environment led to the closure of several cryptocurrency platforms, such as Binance and HTX (formerly Huobi), in mainland China. Overseas exchanges were also prohibited from offering services to Chinese investors.
Despite the strict regulations, reports indicate that crypto traders in China have found alternative ways to participate in the market. Bybit’s decision to allow Chinese users to access its platform could offer these traders a legitimate and secure option for trading cryptocurrencies. The move may also signal a shift in China’s approach to regulating the crypto industry.
Bybit’s decision to remove China from its list of restricted countries is a bold and unexpected move that could have significant implications for the cryptocurrency market. The decision may attract a large number of Chinese users to the platform and challenge the prevailing regulatory environment in the country. It remains to be seen how this development will shape Bybit’s future and influence the broader cryptocurrency industry.
