Bybit, a cryptocurrency exchange, appears to have launched its services in the People’s Republic of China, a market known for its stringent crypto restrictions, according to Wu Blockchain.
Specifically, Bybit now allows users in China to register and verify their accounts using their national ID cards, passports, driver’s licenses, or residence permits, simplifying the verification process on the platform.
Exclusive: The third largest offshore exchange Bybit suddenly opened up registration and authentication for users in China. Bybit has long strictly prohibited the registration and use of all Chinese users. The management team has been very cautious about this. pic.twitter.com/m71BdT4KAq
— Wu Blockchain (@WuBlockchain) June 5, 2024
As of June 5, China is no longer on Bybit’s list of excluded jurisdictions, allowing the cryptocurrency exchange to offer its services there.
Bybit does not provide services or products to users in certain excluded jurisdictions, including the United States, United Kingdom, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled areas of Ukraine (currently including Crimea, Donetsk, and Luhansk), Syria, or any other jurisdiction where we may unilaterally decide to terminate our services,” according to Bybit’s terms of service.
Earlier in 2024, Bybit applied to operate as a digital asset trading platform in Hong Kong through its local entity, Spark Fintech Limited. However, the crypto exchange has since withdrawn this application.
The Block reported that in early June, the Hong Kong Securities and Futures Commission (SFC) noted it would not grant licenses to companies that also serve customers in China.
Previously, on March 25, Hong Kong added Bybit to its restricted list and issued a public warning about the exchange operating without a license. Bybit’s latest controversy occurred in late May with the Notcoin (NOT) airdrop, which faced issues leading to the exchange compensating $26 million to 320,000 users.
Following the incident, several Bybit executives resigned, taking responsibility for the mishap. They had scheduled routine maintenance during the airdrop, which caused a surge in user traffic, triggering circuit breaker mechanisms and resulting in service disruptions.
