Cryptocurrency exchange Bybit has reportedly opened registration and identity verification for Chinese citizens outside the country.
According to Bybit user reports on June 6, the exchange will allow overseas Chinese citizens to register and trade cryptocurrencies on the platform. Users can register with a Chinese national ID card, but trading cryptocurrencies as a Chinese resident does not appear to be permitted.
Headquartered in Dubai, Bybit is one of the largest cryptocurrency exchanges by trading volume, behind Coinbase and Binance. The company previously withdrew from Canada in response to the regulatory environment, but has expanded into other markets, including Kazakhstan and the Netherlands. Cointelegraph reached out to Paybit for comment but did not receive a response at the time of publication.
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China has banned cryptocurrency trading in the country since 2017, pushing many companies to export. In 2021, the government also cracked down on minors. According to data from the Immigration Data Portal, more than ten million Chinese citizens are living outside the country in 2020.
In May, Bybit paid out $26 million to approximately 320,000 users who did not receive airdrops of its play-to-earn and Notcoin (NOT) token before the market opened. The failure of the airdrop led to a change in direction on the stock market.
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