Bybit opens up crypto trading to Chinese users living abroad.

Cryptocurrency exchange Bybit is allowing Chinese citizens living outside of China to access its products and services, the South China Morning Post reports — as long as they are still in the jurisdiction the company serves.

The policy shift comes after the Dubai-based cryptocurrency exchange on Friday updated the terms of service section of the exchange to cover countries where service is restricted. Chinese citizens living outside of China can register using their Chinese ID or passport, SCMP said.

In the year Launched in March 2018, BayBit ​​is the world's second largest cryptocurrency exchange after Binance, boasting 30 million monthly visitors. It maintains this status even though it does not serve users in the United States, China, Hong Kong, Singapore, and many other regions.

In May 2023, Bybit announced it would be pulling out of Canada, citing regulatory changes. Later that year, Bybit ceased operations in the United Kingdom.

Starting in 2021, China itself will limit access to cryptocurrency, even banning Bitcoin mining in June 2021. China's stance on cryptocurrency appears to be softening, however, with Hong Kong's Bitcoin and Ethereum exchange-traded funds (ETFs) in April.

While the cryptocurrency exchange now accepts Chinese citizens, it continues to block IP addresses from China. The company has not disclosed how it will deal with customers who use virtual private networks (VPNs) to hide their geographic location.

Bibit did not immediately respond to a request for comment from Decrypt.

Edited by Ryan Ozawa.