Catenaa, Wednesday, December 11, 2024 – Cryptocurrency exchange Bybit, one of the largest globally by trading volume, confirmed that mainland Chinese users can trade on its platform through a virtual private network (VPN), provided they do not use the yuan for transactions.
Bybit co-founder and CEO Ben Zhou disclosed in a media briefing Tuesday that the platform permits overseas trading by mainland Chinese users, citing significant demand and what the company deems as manageable risks. However, Zhou emphasized that trading in China’s currency remains strictly prohibited.
“What the Chinese government dislikes the most about crypto is its potential to enable capital outflow,” Zhou stated. “So we won’t touch this red line.”
The exchange clarified that its services target the overseas Chinese community, and all users must complete identity verification to access the platform. Bybit introduced this policy earlier this year, aiming to accommodate Chinese traders abroad while adhering to regulatory concerns.
Zhou acknowledged that despite the accessibility for mainland users via VPNs, the company has not observed a significant influx of new users from the region. He attributed this to Bybit’s yuan restrictions and stringent compliance measures.
Bybit’s stance highlights the growing complexities of catering to Chinese crypto traders amid Beijing’s firm anti-crypto policies, while also navigating global regulatory frameworks.
