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Bybit Expands Reach: Opens Registration to Chinese Nationals Overseas

Jun 6, 2024

Bybit Expands Reach: Opens Registration to Chinese Nationals Overseas
Bybit Expands Reach: Opens Registration to Chinese Nationals Overseas
Bybit Expands Reach: Opens Registration to Chinese Nationals Overseas

Bybit, a major cryptocurrency exchange, has reportedly begun accepting registration and identification verification from Chinese nationals residing overseas, expanding its user base beyond borders. While overseas Chinese nationals can now register and trade cryptocurrencies on the platform using their Chinese national ID, trading from within China remains restricted. Bybit, headquartered in Dubai, is known for its significant trading volume, trailing only behind industry giants like Coinbase and Binance. The exchange previously withdrew from the Canadian market due to regulatory concerns but has since ventured into other markets such as Kazakhstan and the Netherlands. With China banning domestic cryptocurrency exchanges since 2017 and cracking down on miners in 2021, many firms have sought refuge overseas. Bybit's move aligns with the trend of Chinese nationals increasingly participating in the global crypto market, reflecting the estimated ten million Chinese nationals living abroad as of 2020.