Cryptocurrency exchange Bybit has reportedly opened registration and identification verification for Chinese nationals outside the country.
According to reports from Bybit users on June 6, the exchange will allow overseas Chinese nationals to register and trade crypto on the platform. Users can register with a Chinese national ID, but trading crypto as a national based in China was seemingly not permitted.
With a headquarters in Dubai, Bybit is one of the largest cryptocurrency exchanges by trading volume, behind Coinbase and Binance. The firm previously pulled out of Canada in response to the regulatory environment but has expanded into other markets, including Kazakhstan and the Netherlands. Cointelegraph reached out to Bybit for comment but did not receive a response at the time of publication.
Related: Hong Kong regulators issue warning against Bybit exchange
China has banned cryptocurrency exchanges from operating in the country since 2017, driving many firms overseas. In 2021, the government also cracked down on miners. According to data from the Migration Data Portal, more than ten million Chinese nationals lived outside the country as of 2020.
In May, Bybit paid out $26 million to roughly 320,000 users who did not receive an airdrop of the play-to-earn game and token Notcoin (NOT) ahead of the market opening. The botched airdrop resulted in a change of leadership at the exchange.
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