Is China Crypto Ban Lifted as Bybit Resumes Registration?
Bybit, the third largest offshore cryptocurrency exchange, has resumed user registration and authentication in Mainland China, where it had previously ceased operations.
This comes despite Bybit continuing to state on its website that it does not operate in some regions, such as Mainland China. This creates a paradox that could indicate a change in Bybit’s approach to regulation or strategy.
Bybit Reopens to Chinese Users
Although Bybit has long been banned in China to the extent that Chinese residents have been unable to sign up and use the platform, the company has recently added registration features for this population.
This decision came as a surprise, as the exchange had previously complied with Chinese laws banning cryptocurrency trading and activities.
On the exchange’s own certification page, jurisdictions where its services are not available include Mainland China, as well as parts of the United States, Singapore and Canada. This contradictory information was not clarified by Bybit management in subsequent press statements.
Implications for Cryptocurrency Regulations in China
This change in Bybit’s policy may be indicative of a slight shift in China’s approach to cryptocurrency, but this will remain speculative until an official statement comes from the relevant authorities.
So far, China has been fairly reserved on cryptocurrencies, stating that digital currencies pose a threat to fraud, money laundering and economic fluctuations.
This could represent a major shift in regulatory methods, possibly in coordination with other changes in the country’s financial practices and technological advances. However, the extent of the impact of Bybit’s decision will be determined by the future actions of regulators and the exchange’s ability to maneuver in the legal environment in China.
Bybit’s Global Operations and Regulatory Challenges
Bybit currently operates with different regulatory frameworks in different regions. Besides China, the exchange also withdrew its application for a license in Hong Kong, where new laws put in place many strict operational conditions for cryptocurrency firms. The city’s efforts to formalize the virtual asset landscape have been met with mixed opinions from participants, with some operations halted due to regulatory-related costs.
Bybit has also had trouble with the law in other countries, such as France, where the Autorité des Marchés Financiers (AMF) accused the exchange of operating without the necessary license. This raises the issue of the often fragmented and challenging legal environment for international cryptocurrency exchange platforms that offer their services in various jurisdictions.
However, to overcome these challenges and tap market potential, Bybit has expanded its offerings, including the Bitcoin Asset Management Fund, which attracted over 100 BTC of rapid buying interest during its initial offering in 7 hours.
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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
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