Chinese expatriates are now allowed to officially register and trade on Bybit Could this signal a potential reversal of Chinas ban on cryptocurrency

Bybit, a prominent cryptocurrency exchange, has recently made an exciting announcement that Chinese users residing outside of China are now permitted to register and utilize its services. This news comes on the heels of reports indicating that Bybit had already started accepting registrations from users based in China.

Ranked as the third-largest offshore crypto exchange, Bybit has surprisingly decided to open its doors to Chinese users, a demographic that was previously restricted from accessing its platform. This unexpected development 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 declaring, “We are thrilled to extend our services to the overseas Chinese community. As one of the top three cryptocurrency exchanges globally in terms of trading volume, we recognize the increasing demand for secure, reliable, and user-friendly platforms among Chinese expatriates and international Chinese populations.”

Furthermore, the statement mentioned, “Overseas Chinese users can now register and create accounts on the Bybit platform, enjoying the same privileges as our existing user base. Bybit remains dedicated to complying with all relevant regulations in the markets where we operate.”

Notably, China has been removed from the list of restricted jurisdictions in Bybit’s terms of service. The current restricted jurisdictions include 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