Bybit Enables Services in Previously Restricted Jurisdiction of China

The popular crypto exchange Bybit has made waves in the industry by reportedly enabling services in a previously restricted jurisdiction: the People’s Republic of China. According to reports from social media-based news outlet Wu Blockchain, Bybit has allowed users in China to register and authenticate on the platform by providing various forms of identification such as ID, passport, driver’s license, or resident permit.

This move comes as a surprise, as China was not included in the list of excluded jurisdictions for Bybit’s services as of June 5. The exchange’s terms of service state that services are not offered to users in certain jurisdictions, including the United States, the United Kingdom, Hong Kong, Singapore, and others.

Earlier this year, Bybit had submitted an application to operate as a virtual asset trading platform in Hong Kong through its local entity, Spark Fintech Limited. However, the entity has since withdrawn its Hong Kong registration. The Hong Kong Securities and Futures Commission had previously stated that it would not allow services from firms that also cater to customers in mainland China.

It remains to be seen how this development will impact Bybit’s operations and reputation in the crypto industry. Stay tuned for further updates on this evolving story.