Chinese Expats Can Now Officially Register and Trade on Bybit; Is China Planning to Unban Crypto?

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Crypto exchange Bybit has officially announced that Chinese users outside China can now open accounts and use its services. This follows reports that Bybit had begun allowing registrations for users within China.

As the third-largest offshore crypto exchange, Bybit has unexpectedly opened registration and authentication for Chinese users, previously prohibiting them from using the platform. This move raises questions about whether China might be unbanning crypto, potentially leading to a massive capital injection into the market.

As reported by The Block, the cryptocurrency exchange released a statement. It said, “Bybit, one of the world’s top three crypto exchanges by volume, is pleased to announce the expansion of our service offerings to the overseas Chinese community. This move is in response to the growing demand for secure, reliable, and user-friendly cryptocurrency trading platforms among Chinese expatriates and international Chinese communities.”

They added, “Overseas Chinese users will now be able to register and open accounts on the Bybit platform, enjoying the same benefits as our existing user base. Bybit remains committed to adhering to all applicable regulations in our markets.”

China has been removed from the list of restricted jurisdictions in Bybit’s terms of service. The current restricted jurisdictions include: United States, United Kingdom, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine and Syria.