In a surprising move, Bybit, the world's third-largest offshore cryptocurrency exchange, has opened up registration and identity verification for users in China. This came as a source of consternation, as Bybit has long maintained a strict policy banning the registration and use of all Chinese users. The management team was very cautious about this issue.
Data suggests the potential number of Chinese users could be as high as tens of millions. While Bybit's competitors had already opened registrations for Chinese users, Bybit's sudden policy change caused a wave of panic among internal employees.
However, ironically, Bybit goes on to state on its certification page that it does not offer its services or products in certain countries, including the United States, Mainland China, Singapore, Quebec (Canada), Ontario (Canada), Iran, Sudan, and Syria.
Previously, Bybit withdrew its application for a Hong Kong license. Considering that Hong Kong does not allow any entity to do business in mainland China, this could mean Bybit has abandoned its plans to apply for a Hong Kong license.
Currently, Bybit is headquartered in Dubai.
*This is not investment advice.