Bybit Opens Registration for Overseas Chinese Amid Norms, Pays $26M Over Failed Airdrop
Summary:
Bybit, a Dubai-based cryptocurrency exchange, has started registering and verifying the identities of Chinese nationals living abroad. Despite exiting Canada due to regulatory issues, the firm has expanded its presence in countries like Kazakhstan and the Netherlands. The move comes amid China's ongoing restrictions on domestic cryptocurrency trading and mining since 2017. Earlier, Bybit compensated $26 million to users for a failed airdrop of Notcoin (NOT).
Bybit, a cryptocurrency exchange, has reportedly begun the process of registering and validating the identities of Chinese citizens residing out of the country. Reports on June 6 from Bybit users indicate that the platform will now accept registrations from Chinese nationals living abroad to engage in crypto trading. However, there seems to be no provision for Chinese residents in the country to engage in crypto transactions. This Dubai-based crypto exchange ranks amongst the highest in trading volume, lagging only behind Binance and Coinbase. Despite retracting from Canada due to regulatory conditions, the company extended its reach to other regions such as the Netherlands and Kazakhstan. Cointelegraph reached Bybit for their thoughts, but no response was received by the time of publication.
Related: Warnings against Bybit from Hong Kong regulators.
Since 2017, China has had a ban on cryptocurrency exchanges, causing many firms to take their operations abroad. The government further intensified regulations on crypto miners in 2021. As per the Migration Data Portal, over ten million Chinese citizens were living abroad as of 2020. In relation to this, Bybit compensated $26 million to approximately 320,000 citizens who were unable to receive an airdrop of the Notcoin (NOT) token, leading to a change in leadership at the company.
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Published At
6/7/2024 12:05:36 AM
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