As a seasoned researcher with a keen interest in the dynamic world of cryptocurrency, I find the recent developments at Bybit particularly intriguing. The strategic maneuvers by CEO Ben Zhou to navigate the complex regulatory landscape in China are noteworthy. It’s clear that he understands the Chinese government’s apprehensions about cryptocurrencies facilitating capital outflow, and has chosen a cautious approach, avoiding the use of the yuan while still providing a platform for mainland Chinese users via VPN.
According to Bybit’s CEO, Ben Zhou, mainland Chinese users are able to access crypto trading on the platform using a Virtual Private Network (VPN), but at this point in time, they will not be offering yuan trading.
As stated in an article by South China Morning Post, during a press conference held on December 3rd, co-founder and CEO Ben Zhou made it clear that the platform does not plan to use China’s local currency. However, he mentioned that Chinese citizens are still able to utilize the platform for trading overseas or through the use of a Virtual Private Network (VPN).
According to Zhou, the Chinese government strongly disapproves of cryptocurrencies because they allow for the easy movement of money outside the country. Therefore, they are careful not to cross this particular boundary with them.
From June onwards, Bybit has been accepting registration from Chinese citizens using their mainland China identification documents such as national IDs and passports. However, it’s worth noting that Bybit continues to restrict access for Chinese IP addresses.
Initially, the action was taken with the aim of enticing Chinese expatriates. However, Zhou mentioned recently that residents within China could circumvent the government’s cryptocurrency restrictions by utilizing a VPN and adopting an IP address from another location.
It’s worth mentioning that Zhou pointed out a relatively small influx of mainland Chinese users into the crypto exchange. However, at a recent press conference, it was disclosed that Bybit experienced an addition of 40 million new users this year, raising its user base to almost 60 million. This represents a significant jump of nearly 300% compared to last year’s total registered users which were only 20 million.
Moreover, Zhou mentioned that the company intends to resubmit an application for a Hong Kong permit during the initial part of the upcoming year. Previously, Bybit had submitted an application for such a license in January of this very year, only to withdraw it in May.
As a researcher, I’ve observed an interesting dynamic: The Chinese government has permitted Hong Kong to cultivate its cryptocurrency industry, while maintaining a prohibition on crypto trading within the mainland since 2021. Despite this ban, Chinese traders have found creative ways to participate in crypto trading activities, demonstrating a resilient and innovative approach.
Based on information from Chainalysis, it’s estimated that the Chinese cryptocurrency market handled approximately $50 billion worth of crypto transactions between July 2023 and June 2024.
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2024-12-04 15:38