Bybit Expands Crypto Trading Access for Chinese Expats – Breaking News!
Cryptocurrency exchange Bybit has recently announced a significant policy change that will allow Chinese citizens living abroad to access its trading services. This move comes as a surprise amidst China’s strict regulations on cryptocurrency.
According to reports from the South China Morning Post, Chinese expatriates residing in countries where Bybit operates will now be able to sign up for an account using their Chinese ID or passports. Bybit, established in 2018, is currently ranked as the world’s second-largest cryptocurrency exchange, attracting a massive 30 million monthly visitors.
Despite facing restrictions in various jurisdictions, including the United States, China, Hong Kong, and Singapore, Bybit’s decision to welcome Chinese expats signals a potential shift in the country’s attitude towards cryptocurrency. China has been known for its stringent measures against crypto activities, such as banning Bitcoin mining in 2021.
While Bybit’s new policy allows Chinese expats to join the platform, the exchange will continue to block IP addresses originating from China. It remains unclear how Bybit plans to address users who utilize virtual private networks (VPN) to bypass geographic restrictions.
This move by Bybit opens up exciting opportunities for Chinese expats to engage in cryptocurrency trading, providing them with access to a wide range of digital assets and investment opportunities. As the crypto landscape continues to evolve, Bybit’s decision could have far-reaching implications for the industry.
Stay tuned for further updates on this developing story as Bybit navigates the complexities of serving a global user base while complying with regulatory requirements.