🚀 Bybit Opens Doors to Chinese Traders
posted 4 Dec 2024
Cryptocurrency exchange Bybit has confirmed that users from China can trade using Virtual Private Networks (VPNs). However, the platform has no plans to support the yuan.
Cryptocurrency exchange Bybit announced that Chinese users can now bypass previous restrictions and access the platform using Virtual Private Networks (VPNs). Despite this, the exchange has clarified that it will not integrate yuan trading, maintaining a cautious stance toward regulatory boundaries.
What the Chinese government dislikes the most about crypto is that it can facilitate capital outflow. So we won’t touch this red linesaid co-founder and CEO Ben Zhou.
Several months ago, the company began accepting Chinese passports and other forms of identification to attract users residing in crypto-friendly countries. However, access from mainland Chinese IP addresses remained blocked until now. This restriction can now be bypassed officially.
Platform representatives have recommended using IP addresses from countries where access is unrestricted and unblocked. Despite this relaxation, Zhou noted that the number of Chinese users on the platform remains modest, primarily due to the absence of the yuan among supported trading and withdrawal currencies.
Bybit, which has roots in China, was forced to exit the mainland market following a regulatory crackdown and restrictions on crypto-related commercial activities. After the collapse of the FTX exchange, Bybit experienced a surge of new users seeking alternative trading platforms.
The company had previously sought a license in Hong Kong but withdrew its application after prolonged delays, citing a conflict of interest involving one of its employees. Even with a Hong Kong license, regulators prohibit offering trading services to residents of mainland China. Nonetheless, Zhou expressed plans to pursue registration in the future to support the company’s growing workforce.
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