Key Points:
- Bybit registration in China suddenly reopened, overturning previous strict restrictions and potentially tapping into a vast user base.
- Bybit’s withdrawal of its Hong Kong license application suggests a strategic shift amid regulatory challenges.
According to Wu Blockchain, Bybit, a prominent cryptocurrency exchange, has made a surprising move by opening registration and authentication for users in China.
Bybit Registration in China Suddenly Opened Again Amid Internal Suspicions 2
Bybit Registration in China Surprises Exchange Internals
The Bybit registration in China comes after years of strictly prohibiting Chinese users from accessing its platform, reflecting a significant shift in the company’s strategy. Despite previous caution from the management team, Bybit now appears to be embracing the potential market of tens of millions of Chinese users.
The move follows actions by Bybit’s competitors, who have already opened their platforms to Chinese users. However, the sudden change has also stirred panic among internal employees because Bybit registration in China may cause organizational changes. Bybit, headquartered in Dubai, has long maintained a stance of not offering services in certain jurisdictions, including China.
Bybit Withdraws Hong Kong License Application
Notably, Bybit recently withdrew its application for a license in Hong Kong, citing the city’s restrictions on business development in mainland China. This withdrawal suggests a potential shift in Bybit’s licensing strategy, mirroring actions taken by other major mainland China-linked crypto exchanges.
In related news, Bybit has announced a partnership with Copper, a digital asset custody firm chaired by former U.K. Chancellor Philip Hammond. The collaboration aims to enhance security and efficiency for Bybit clients, allowing for a reduction in the settlement cycle for digital asset trades from four hours to two hours. The shortened settlement cycle is expected to minimize counterparty risks and improve capital efficiency for traders on the platform.