Bybit, a leading offshore cryptocurrency exchange, has started registration and KYC verification for users in China. This move, reported by journalist Colin Wu, marks a significant shift as China was previously a prohibited jurisdiction.
Despite this change, Mainland China is still listed as a restricted area in Bybit’s FAQ section, though it’s removed from the “Terms of Service” prohibited jurisdictions. This inconsistency has raised questions within the crypto community about Bybit’s regulatory compliance.
Local users in China can now complete the KYC process using various forms of identification, such as ID cards and passports. This follows Bybit’s recent withdrawal from the Hong Kong licensing process, influenced by regulatory requirements to refuse Mainland Chinese clients.
Bybit’s decision could boost its user base and trading volume, given China’s large population and interest in digital assets. The long-term impact of this move may reshape the regulatory landscape for cryptocurrency exchanges in or around China.
