ByBit Opens Registration For Chinese Users

One of the largest cryptocurrency exchanges, ByBit, has opened registration for users in China, as reported by Asian news site Wu Blockchain.

According to the X post on June 5, Wu Blockchain noted that ByBit suddenly opened registration and authentication for users in China, which is a significant shift considering that the exchange has strictly prohibited the onboarding of all Chinese users.

Exclusive: The third largest offshore exchange Bybit suddenly opened up registration and authentication for users in China. Bybit has long strictly prohibited the registration and use of all Chinese users. The management team has been very cautious about this. pic.twitter.com/m71BdT4KAq

— Wu Blockchain (@WuBlockchain) June 5, 2024

Oddly enough, there appears to be no official announcement from ByBit, yet the onboarding process remains open for Chinese users. Even more odd is that mainland China remains banned in the same certification page.

Wu Blockchain noted that the number of Chinese users on ByBit might ascend to millions, yet the exchange’s management team has been cautious about this.

ByBit, headquartered in Dubai, is one of the many crypto exchanges that pulled out of the licensing application format in Hong Kong. Wu Blockchain stated that the jurisdiction does not allow any entity to develop any business in mainland China.

The ByBit Drama

ByBit has been at the center of controversy for the last couple of weeks. In May, French authorities started an investigation against the exchange for possible violations of securities laws within the country.

Last week, Notcoin (NOT) plunged following the ByBit incident. The exchange faced multiple issues regarding the Notcoin airdrop, such as faulty balance reflection and network congestion due to a large number of transactions.