Bybit, the third-largest offshore cryptocurrency exchange, has resumed user sign-ups and ID verification in Mainland China, despite previous bans and ongoing regulatory contradictions. This unexpected move signals potential shifts in China’s cryptocurrency policies.
Bybit Reopens to Chinese Users
Bybit’s decision to reintroduce registration features for Chinese residents comes as a surprise. Despite previously complying with Chinese laws that prohibit cryptocurrency trading, the company is now allowing new sign-ups from this region. This change has created a paradox, as Bybit’s own certification page lists Mainland China among jurisdictions where its services are unavailable.
Implications for Cryptocurrency Regulations in China
Bybit’s move may indicate a shift in China’s approach to cryptocurrency regulation, though this remains speculative without official communication from Chinese authorities. The extent of this policy change will depend on future regulatory actions and Bybit’s ability to navigate China’s legal landscape.
Bybit’s Global Operations and Regulatory Challenges
Beyond China, Bybit faces regulatory challenges in other regions. The exchange withdrew its license application in Hong Kong due to strict new laws and has faced legal issues in France. Despite these hurdles, Bybit continues to expand its offerings, including a Bitcoin Wealth Management Fund that saw rapid investment.
Bybit’s recent actions highlight the complex and fragmented regulatory environment that international cryptocurrency exchanges must navigate as they operate across various jurisdictions.
