As a researcher with a background in the cryptocurrency industry and having closely followed the developments in China’s regulatory landscape, I find Bybit’s move to enable Chinese users to trade on its platform intriguing. The potential influx of tens of millions of users from China, despite the country’s ban on crypto trading and mining, could significantly impact the cryptocurrency market.
Based on a recent post from WuBlockchain on Twitter, Bybit has removed China from its list of prohibited nations, allowing Chinese users to access the platform in spite of Beijing’s clampdown on cryptocurrency mining and transactions.
Bybit initiated the process of registering and verifying the identities of Chinese users through know-your-customer (KYC) procedures. This allowed Chinese traders to submit necessary documents such as passports and driver’s licenses for account confirmation.
The data indicates that there could be up to forty million Chinese users. While other companies have started allowing Chinese registrations, Bybit’s decision has sparked concern amongst its staff.
— Wu Blockchain (@WuBlockchain) June 5, 2024
From my research as of June 5th, Bybit’s Terms of Service no longer list China among the restricted jurisdictions, alongside the United States, United Kingdom, Canada, Singapore, and Hong Kong. Notably, Bybit has yet to make an official announcement regarding this change or confirm if they have obtained any necessary licenses to operate within the Chinese market.
Yet, this development has sparked apprehensions within the cryptocurrency community. Some believe that Bybit’s expansion into China may result in a large number of new users from this area, as China remains a significant player in crypto transactions despite a ban on such activities.
Over the past day, Bybit has processed trades amounting to a value of $4 billion, positioning it as the second largest crypto exchange in terms of trading volume. According to Nansen’s data, Bybit’s users hold assets totaling over $7 billion.
Starting in 2013, China has maintained a firm position against cryptocurrencies, resulting in prohibitions on crypto transactions and mining as recent as 2021. Consequently, prominent exchanges such as Binance and Huobi have had to halt their services for Chinese clients.
As a data analyst, I’ve come across intriguing findings in recent reports. Although there have been restrictions on crypto trading within China, it appears that Chinese traders have managed to find alternative routes to engage in the market. In fact, according to Chainalysis, China ranked third among Asian countries for crypto activities during the 2022-2023 period.
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2024-06-06 02:44