ByBit allows Chinese users to register amid regulatory challenges

ByBit, a well-known Cryptocurrency exchange, has made a surprising decision to allow users from China to register on their platform. This unexpected move was reported by Wu Blockchain on June 5. Despite previously prohibiting Chinese users from joining, ByBit has now opened its doors to them without any official statement explaining the change.

Although Chinese users can now register on ByBit, it's important to note that mainland China remains restricted on the certification page. Wu Blockchain speculates that the number of Chinese users on ByBit could potentially reach millions, but the exchange is proceeding cautiously due to regulatory concerns.

Based in Dubai, ByBit is one of the crypto exchanges that chose not to pursue licensing in Hong Kong due to regulatory limitations. Wu Blockchain emphasized that conducting business in mainland China is not allowed under current jurisdiction.

ByBit has recently been embroiled in controversies, including a French investigation into possible securities law violations and issues related to the Notcoin (NOT) airdrop. These problems led to network congestion and discrepancies in user balances.

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ByBit's decision to allow Chinese users to register marks a significant shift in their policies. This move comes amidst ongoing regulatory challenges and controversies surrounding the exchange. As the crypto industry continues to evolve, ByBit's approach to compliance and user engagement will be closely watched by both investors and regulators.