Baybit opens registration for overseas Chinese citizens.
Cryptocurrency Bybit has reportedly opened registration and ID for Chinese people outside the country.
On June 6, Baybit users reported that the exchange would allow overseas Chinese nationals to register and trade crypto on the platform. Users can register with a Chinese national ID, but trading as a national crypto in China does not seem to be allowed.
Headquartered in Dubai, BayBit is one of the largest cryptocurrency exchanges by trade behind Coinbase and Binance. The company previously responded to the regulatory environment from Canada, but has expanded to other markets, 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 on Bybit exchange
China has banned cryptocurrency exchanges from operating in the country since 2017, driving many companies abroad. In the year In 2021, the government also took action against mines. According to the data obtained from the Migration Data Portal, in the year By 2020, more than ten million Chinese citizens would live outside the country.
In May, BayBit paid out $26 million to 320,000 users before the market was open for non-airdropped game developers NotCoin (not). The botched airdrop led to a change in leadership at the exchange.
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