Cryptocurrency exchange Bybit has started allowing registration and identity verification for Chinese nationals residing abroad, according to recent reports from Bybit users on June 6. This move grants the exchange access to over ten million Chinese nationals living outside China, potentially expanding its user base significantly.
Bybit users have indicated that overseas Chinese nationals can now register and trade cryptocurrencies on the platform using their Chinese national ID. However, this service is not available to those based in China, where trading cryptocurrencies remains prohibited.
With its headquarters in Dubai, Bybit ranks as one of the largest cryptocurrency exchanges by trading volume, following Coinbase and Binance. The firm had previously exited the Canadian market due to regulatory challenges but has since expanded into other regions, including Kazakhstan and the Netherlands. Cointelegraph reached out to Bybit for a statement but did not receive a response before publication.
China has enforced a ban on cryptocurrency exchanges since 2017, compelling many firms to relocate abroad. The government extended its crackdown to crypto miners in 2021. Data from the Migration Data Portal indicates that over ten million Chinese nationals were living outside the country as of 2020.
In recent developments, Bybit compensated approximately 320,000 users with $26 million in May after a failed airdrop of the play-to-earn game and token Notcoin (NOT) ahead of its market debut, leading to changes in the company’s leadership.
Featured image from: cointelegraph.com