According to Wu Blockchain, a news organization based on social media, users in China can now use Bybit’s registration and authentication services to proceed with know-your-customer processes on the platform. They can do this by submitting their ID, passport, driver’s license, or residency permit.
China was not included in the list of restricted regions for the exchange to provide its services until June 5, 2024.
As per Bybit’s terms of service, the company does not provide its services or products to users in certain countries. These countries include the following: the US, UK, Singapore, Hong Kong, Canada, Cuba, North Korea, Iran, Syria, Uzbekistan, and the regions of Ukraine under Russian control (currently including Crimea, Donetsk, and Luhansk regions). Bybit also reserves the right to terminate services in any other jurisdiction at any moment.
The exchange submitted an application to be permitted to operate as an online asset trading platform in Hong Kong through its local contact, Spark Fintech Limited, at the beginning of 2024. Since then, the Hong Kong-based company has reinstated its listing in the country.
Toward the beginning of June, the Hong Kong Securities and Futures Commission made the decision to refrain from promoting the involvement of companies that are also associated with mainland China.