Bybit Opens Up Crypto Trading to Chinese Users Living Abroad

Cryptocurrency exchange Bybit is giving Chinese citizens living outside of China access to its products and services, according to a report by the South China Morning Post—provided they reside in a jurisdiction the company still serves.

The policy shift comes after the Dubai-based cryptocurrency exchange updated its Service Restricted Countries section of the exchange’s Terms of Service on Friday. Chinese citizens living outside of mainland China will be able to sign up using their Chinese ID or passports, SCMP said.

Launched in March 2018, Bybit is the world’s second-largest cryptocurrency exchange after Binance, according to Coingecko, boasting 30 million monthly visitors. It holds this status despite not serving users in the United States, China, Hong Kong, Singapore, and several other jurisdictions.

In May 2023, Bybit announced that it would pull out of Canada, citing regulatory changes. Later that year, Bybit suspended operations in the United Kingdom.

Since 2021, China itself has restricted access to cryptocurrency, even banning Bitcoin mining in June 2021. China’s stance on cryptocurrency appears to be softening, however, with the launch of Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong in April.

While the cryptocurrency exchange will now welcome Chinese citizens, it continues to block IP addresses that originate from China. The firm did not specify how it will deal with customers who use virtual private networks (VPN) to hide their geographic location. To learn about Risk Management in Crypto Trading check out this guide: Mastering Risk Management in Cryptocurrency Trading: A Comprehensive Guide.