Coin Edition -
- Bybit suddenly opened registration and authentication for users in China.
- Crypto analysts observed the continued use of crypto in China despite an ongoing ban.
- Chinese administrative laws do not completely prohibit virtual currency transactions.
Bybit, a leading centralized cryptocurrency exchange, has unexpectedly opened registration and authentication for users in mainland China.
Prominent Chinese blockchain reporter Colin Wu shared a screenshot on X showing that Bybit’s verification process now allows users from China. Wu noted that Bybit had previously prohibited the registration of all Chinese users due to the ongoing ban, and the platform’s management implemented this restriction cautiously.
Exclusive: The third largest offshore exchange Bybit suddenly opened up registration and authentication for users in China. Bybit has long strictly prohibited the registration and use of all Chinese users. The management team has been very cautious about this. pic.twitter.com/m71BdT4KAq— Wu Blockchain (@WuBlockchain) June 5, 2024
However, Wu pointed out that Bybit has not yet removed the disclaimer on its certification page warning Chinese users against using the platform. It still reads:
“Bybit does not offer its services or products in certain jurisdictions, including the United States, Mainland China, Singapore, Quebec (Canada), Ontario (Canada), Iran, Sudan, and Syria.”
This discrepancy has raised concerns among crypto users, particularly analysts who have observed the continued use of cryptocurrency in mainland China despite the ongoing ban. While many attribute the sustained use of crypto in China to the technology’s decentralized nature, others believe there is more to it.
Analysts’ observations indicate that Chinese users continue to transact high crypto volumes. For instance, Binance recorded $90 billion trading volume in China in a single month last year. This is just one of many instances that question the effectiveness of the supposed crypto ban in China.
Incidentally, feedback from several Chinese crypto users suggest they do not believe China has banned crypto, outright. The prevailing sentiment is that while it is not illegal for individuals to hold or trade crypto, their activities may not be legally protected.
Beyond public opinion, formal notes, including one from a court in Fujian province, confirm that Chinese administrative laws do not completely prohibit virtual currency transactions. The court emphasized that virtual currencies possess economic attributes and can be classified as property.
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