Chinese expatriates are now able to officially register and trade on Bybit Is China considering lifting its ban on cryptocurrency

Bybit, a prominent cryptocurrency exchange, has recently made an important announcement regarding its services for Chinese users residing outside of China. This decision comes after reports surfaced indicating that Bybit had started accepting registrations from users located within China.

As the third-largest offshore exchange for crypto, Bybit has surprisingly decided to allow Chinese users to register and authenticate their accounts, a practice that was previously restricted. This move has sparked speculation about the possibility of China lifting its ban on cryptocurrencies, which could potentially result in a significant influx of capital into the market.

According to The Block, Bybit released a statement saying, “Bybit, ranking among the top three cryptocurrency exchanges globally in terms of trading volume, is excited to expand our services to the Chinese diaspora living overseas. This expansion is a response to the increasing demand for secure, reliable, and user-friendly platforms for trading cryptocurrencies among Chinese expats and international Chinese communities.”

The statement further mentioned, “Chinese users living abroad will now have the opportunity to register and create accounts on the Bybit platform, enjoying the same advantages as our current user base. Bybit remains dedicated to complying with all relevant regulations in the markets where we operate.”

Bybit has updated its terms of service to remove China from the list of restricted jurisdictions, with the remaining restricted jurisdictions including the United States, United Kingdom, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, and Russian-controlled regions of Ukraine and Syria.

Tags: Crypto Regulations