Despite China’s government restriction on crypto, Bybit has announced its expansion of services to overseas Chinese users. Bybit declared in an official post on X, “We’re excited to welcome Chinese expatriates to our secure and user-friendly crypto trading platform.”
Increase in Crypto Demand among Overseas Chinese
Bybit responds to the increasing demand for a secure, reliable, and user-friendly crypto exchange among overseas Chinese by addressing their concerns and providing services that comply with crypto regulations. It stated,
Bybit remains committed to adhering to all applicable regulations in the markets we operate in. We have implemented robust compliance measures to ensure a safe and responsible user experience for all.
Bybit’s New Development
As per Bybit’s new development, Chinese nationals residing outside the country could leverage the platform’s services. They could open new accounts in Bybit and start trading on the exchange. Chinese identity documents like IDs and passports are mandatory when signing up for an account.
Restrictions on Residents of China
It is noteworthy that the platform does not allow users currently residing in China to log in. Restrictions are imposed upon applications that come from mainland Chinese internet protocol (IP) addresses or connected to phone numbers in China.
Bybit Utilizes the Opportunities of the Fast-Growing Crypto Space
Further, Bybit asserted that the platform is committed to the appreciative growth of the crypto market worldwide. Thus, the exchange’s move demonstrates its enthusiasm for embracing the extensive opportunities in the crypto markets of Hong Kong, the EU, the UAE, etc.
In addition, the platform cited, “We hope to be in a position to apply for licenses in all critical and strategic jurisdictions, allowing us to serve the markets in a compliant and responsible manner.”
Excluded Jurisdictions
In an official statement, Bybit said that it was unable to offer its services to residents of Hong Kong, the USA, the UK, Canada, and other countries because of prohibition.
