Did the Giant Cryptocurrency Exchange Open Its Doors to Chinese Investors?
Bybit, one of the world's largest cryptocurrency exchanges, may have entered the Chinese market, which many exchanges have avoided.
Allegedly, Bybit started providing registration and authentication services for users in China.
Not among the banned countries
Users in mainland China can use their ID cards, passports, driver's licenses or residence permits as part of Bybit's know your customer (KYC) process.
According to the information in Bybit's terms of service, China is not among the countries that the exchange imposes restrictions on.
Hereby, “Bybit uses its services and products in the United States, United Kingdom, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine, Syria, or other locations where we may decide to discontinue our services from time to time at our sole discretion.” It does not offer it in some jurisdictions, including.
Withdrawn from the Hong Kong market
Bybit applied for a license at the beginning of this year to serve as a virtual asset trading platform in Hong Kong with its subsidiary Spark Fintech Limited. The company later withdrew this application.
The Hong Kong Securities and Futures Commission recently announced that it will not allow companies serving mainland China to operate in Hong Kong.
Stay tuned for new information