Bybit, a major cryptocurrency exchange, opens up trading to Chinese users living overseas
- The platform now lets Chinese citizens living abroad sign up for an account, even as the mainland imposes a strict ban on crypto trading
Bybit, the world’s second-largest cryptocurrency exchange, has begun to let mainland Chinese citizens living overseas trade on its platform, as the company tries to bring in new users amid the country’s strict crypto trading ban and growing regulatory scrutiny worldwide.
The Dubai-headquartered company is allowing the “overseas Chinese community” – mainland users residing outside their home country – to open accounts and trade on its platform, Bybit said in a statement late Thursday.
Users can sign up with mainland Chinese identity documents, including national IDs and passports, Bybit’s registration page showed.
The exchange continues to block account applications that originate from mainland Chinese internet protocol (IP) addresses or are tied to phone numbers in the country, according to tests conducted by the Post on Thursday.
When asked about the methods it is using to verify whether a Chinese user lives outside the country, Bybit declined to comment beyond referring to its statement and know-your-customer guidelines, which said users who have a daily withdrawal limit of roughly US$2 million must submit an address proof.
