Bybit announces to provide cryptocurrency trading services for overseas Chinese users
According to a report by The Block, the cryptocurrency exchange Bybit has officially announced that Chinese users residing overseas can open accounts on Bybit and use its services.
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Bybit stated that this move is to meet the growing demand from Chinese expatriates and the international Chinese community for a secure, reliable, and user-friendly cryptocurrency trading platform. Overseas Chinese users can now register and open accounts on the Bybit platform, enjoying the same benefits as existing user groups. Bybit also mentioned
that they are still committed to complying with all applicable regulations in the markets they operate. They hope to eventually expand their business in Hong Kong, the UAE, and the EU.
According to previous reports, the Securities and Futures Commission of Hong Kong included Bybit's application on the list of applicants whose license applications have been withdrawn, rejected, or withdrawn on May 31, indicating that Bybit has withdrawn its application for a license in Hong Kong. It is reported in the industry that the reason many offshore exchanges are giving up Hong Kong licenses is due to Hong Kong's requirement to clear out mainland Chinese users.
Last year, Bybit also withdrew from the Canadian and UK markets due to regulatory reasons.