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Xinmei Shen

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.
An IP address indicates the approximate geographic location of an internet-linked device, but cryptocurrency investors based in China commonly use virtual private networks to mask their actual location and circumvent IP address restrictions.
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.
Still, by blocking Chinese IP addresses, Bybit’s measures might already be more stringent than those of some other exchanges.
Binance, founded in Shanghai in 2017, continued to allow access by users in China even after closing much of its operations there. Mainland users could even sign up with their national ID numbers simply by selecting Taiwan as their location.
Bybit said on Thursday that it “remains committed to adhering to all applicable regulations” in the markets it operates in.
The company’s announcement came after cryptocurrency news outlet Wu Blockchain reported on Wednesday that the exchange had opened up registration for “users in China”, fanning speculation that the country was relaxing its cryptocurrency crackdown.
Beijing has in recent years tightened its grip on cryptocurrency-related activities.
Bybit began blocking mainland Chinese IP addresses in September 2020 and later said it was closing down all accounts registered with mainland phone numbers. The next year, 10 mainland government agencies jointly declared cryptocurrency businesses illegal.
Bybit said its latest move was made “in response to the growing demand for secure, reliable and user-friendly cryptocurrency trading platforms among Chinese expatriates and international Chinese communities”.

Commercial considerations may have driven Bybit’s decision to extend access to some Chinese users, according to Liu Honglin, founder of Shanghai-based Mankun law firm, which deals primarily with issues in the blockchain industry.
Bybit could be aiming to attract more retail investors in a crypto bull market, especially with global regulatory scrutiny expected to become increasingly stringent, Liu said.
Both bitcoin and ether prices have climbed more than 60 per cent this year.
Bybit, founded in 2018 and the world’s second-largest crypto exchange by 24-hour trading volume based on CoinGecko data on Friday, is among several China-linked exchanges that recently ended their pursuit for an operation licence in Hong Kong.
Their withdrawals came after the city required applicants for its virtual asset trading platform licences, as well as their controlling and related entities, to not take any mainland Chinese residents as customers – one of the many rules authorities are enforcing under a restrictive crypto regime.
Bybit said on Thursday that while it currently cannot serve Hong Kong residents, it is “proactively seeking to understand the licensing requirements and expectations set forth” by relevant authorities in the city.
Additional reporting by Wency Chen


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Bybit, a major cryptocurrency exchange, opens up trading to Chinese users living overseas

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The platform now lets Chinese citizens living abroad sign up for an account, even as the mainland imposes a strict ban on crypto trading


The platform now lets Chinese citizens living abroad sign up for an account, even as the mainland imposes a strict ban on crypto trading.
