Bybit, a major cryptocurrency exchange, has reportedly initiated registration and identity verification procedures for Chinese citizens residing outside China. Users can now sign up and engage in crypto trading on the platform using their Chinese national identification. However, trading cryptocurrencies while based in China appears to remain prohibited.
Headquartered in Dubai, Bybit ranks among the largest cryptocurrency exchanges globally, trailing behind Coinbase and Binance in terms of trading volume. The exchange previously exited the Canadian market due to regulatory concerns but has since expanded its operations into other regions like Kazakhstan and the Netherlands.
Since China’s ban on domestic cryptocurrency exchanges in 2017 and subsequent crackdowns on mining activities in 2021, numerous firms have relocated overseas. According to the Migration Data Portal, over ten million Chinese nationals were residing outside the country as of 2020.
In May, Bybit faced a controversy when it distributed $26 million to approximately 320,000 users who did not receive an airdrop of the play-to-earn game and token Notcoin (NOT) before the market launch. This mishap led to a leadership change within the exchange.
June 2024, Cryptoniteuae
