Bybit CEO Ben Zhou has confirmed that users in mainland China can access the platform by using virtual private networks (VPNs), even though the crypto exchange will not be supporting yuan trading anytime soon. Speaking during a media briefing on Dec. 3, Zhou stated that Bybit has no intention of accepting China’s local currency but acknowledged that Chinese citizens could use the platform by trading overseas or connecting through VPN.
“What the Chinese government dislikes the most about crypto is that it can facilitate capital outflow. So we won’t touch this red line,” Zhou explained, underscoring the platform’s decision to keep yuan transactions off-limits.
Since June 2023, Bybit has allowed Chinese citizens to register on the platform using mainland Chinese identity documents, such as national IDs and passports. However, the exchange still blocks IP addresses originating from China. This move was initially aimed at attracting Chinese citizens living abroad, but Zhou noted that even those currently residing in China could circumvent the government’s crypto trading ban by using a VPN to access the platform.
Despite the allowance, Zhou pointed out that the exchange has not seen a significant influx of users from mainland China. In fact, Bybit saw 40 million new users join the platform this year, increasing its total user count to almost 60 million—a nearly 300% jump from last year’s 20 million registered users.
Zhou also mentioned that Bybit plans to reapply for a Hong Kong license in the first quarter of next year. The exchange had previously applied for a license in January 2024 but withdrew its application in May. While mainland China maintains a ban on crypto trading since 2021, Hong Kong has been allowed to develop its crypto industry, providing a more favorable regulatory environment.
According to data from Chainalysis, the Chinese cryptocurrency market processed nearly $50 billion in transaction volume between July 2023 and June 2024, indicating that the government ban has not stopped many traders from participating in crypto activities. Carol Souza, co-founder of Area Bitcoin, commented on the situation, saying, “They’re closing the exits while BRL is collapsing,” referring to the tightening regulatory environment as the value of the Brazilian real continues to fall.