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Cryptocurrency exchange Bybit has reportedly opened registration and identification verification for Chinese nationals outside the country.
According to <a href="https://x.com/WuBlockchain/status/1798368770899275974" target="_blank" rel="noopener noreferrer nofollow">reports</a> from Bybit users on June 6, the exchange will allow overseas Chinese nationals to register and trade crypto on the platform. Users can register with a Chinese national ID, but trading crypto as a national based in China was seemingly not permitted.
With a headquarters in Dubai, Bybit is one of the largest cryptocurrency exchanges by trading volume, behind Coinbase and Binance. The firm previously <a href="https://cointelegraph.com/news/crypto-exchange-bybit-exits-canada-citing-recent-regulatory-development" rel="noopener noreferrer nofollow">pulled out of Canada</a> in response to the regulatory environment but has expanded into other markets, including Kazakhstan and the Netherlands. Cointelegraph reached out to Bybit for comment but did not receive a response at the time of publication.
Related: <a href="https://cointelegraph.com/news/hong-kong-regulators-issue-warning-against-bybit-exchange" rel="noopener noreferrer nofollow">Hong Kong regulators issue warning against Bybit exchange</a>
China has banned cryptocurrency exchanges from operating in the country since 2017, driving many firms overseas. In 2021, the government also cracked down on miners. According to <a href="https://www.migrationdataportal.org/international-data?i=stock_abs_&amp;t=2020&amp;cm49=156" target="_blank" rel="noopener noreferrer nofollow">data</a> from the Migration Data Portal, more than ten million Chinese nationals lived outside the country as of 2020.
In May, Bybit paid out $26 million to roughly 320,000 users who did not receive an airdrop of the play-to-earn game and token Notcoin (NOT) ahead of the market opening. The botched airdrop <a href="https://cointelegraph.com/news/bybit-restructures-executive-team-airdrop-fiasco" rel="noopener noreferrer nofollow">resulted in a change of leadership</a> at the exchange.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-mt-gox-binance-hong-kong-crypto-exchanges-asia-express/" rel="noopener noreferrer nofollow">Mt Gox not dumping Bitcoin just yet, Hong Kong boots out crypto exchanges: Asia Express</a>

Bybit opens registration to Chinese nationals overseas

Cointelegraph

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