Bybit announces provision of cryptocurrency trading services for overseas Chinese users

According to a report by The Block, the cryptocurrency exchange Bybit has officially announced that Chinese users living overseas can open an account and use its services. Bybit stated that this move is to meet the growing demand from Chinese expatriates and the international Chinese community for a secure, reliable, and user-friendly cryptocurrency trading platform. Overseas Chinese users can now register and open accounts on the Bybit platform to enjoy the same benefits as existing users. Bybit also mentioned that they are committed to complying with all applicable regulations in the markets they operate in, and they hope to eventually expand their business in Hong Kong, the United Arab Emirates, and the European Union.

Previously reported, the Securities and Futures Commission of Hong Kong included Bybit’s application in the list of applicants whose license applications have been withdrawn, rejected, or cancelled on 5/31, indicating that Bybit has withdrawn its application for a license in Hong Kong. According to industry sources, many offshore exchanges have given up on Hong Kong licenses due to the requirement to remove users from mainland China.

Due to regulatory reasons, Bybit had previously exited the markets in Canada and the United Kingdom.