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Bybit, one of the world’s largest cryptocurrency exchanges by volume, officially announced on Thursday (06) that Chinese expatriates can now open accounts and trade digital assets on its platform. This measure meets the growing demand for cryptocurrency trading services among Chinese people living outside their home country.

“We are pleased to announce the expansion of our service offerings to the overseas Chinese community. This measure is in response to the growing demand for safe, reliable and easy-to-use cryptocurrency trading platforms among Chinese expatriates and international Chinese communities,” Bybit said in a statement.

Bybit’s decision follows reports that the company has begun allowing user registration and authentication in China, a traditionally restrictive market for cryptocurrencies. While Bybit did not respond to requests for comment on this information, the official confirmation clarifies the platform’s new policy regarding overseas Chinese users.

The company highlighted that expatriate Chinese users will be able to register and open accounts on the platform, enjoying the same benefits as the existing user base.

“Bybit remains committed to complying with all applicable regulations in the markets in which we operate,” the company stated.

Additionally, the exchange expressed hope to eventually expand its operations to Hong Kong, the United Arab Emirates, and the European Union.

Exchange Bybit faces Chinese legislation

Bybit’s announcement comes at a time when cryptocurrency regulation in China continues to be strict. The Chinese government has banned cryptocurrency transactions and mining on its territory, creating a challenging environment for exchanges looking to serve Chinese customers. However, demand for cryptocurrencies among Chinese has not decreased, especially among those living abroad.

Chinese expatriates and international communities have been actively seeking safe and reliable ways to access cryptocurrency markets. Bybit’s measure meets this need, offering a platform that promises security and ease of use, two features highly valued by cryptocurrency investors.

Bybit’s international expansion

Bybit, based in Singapore, is already one of the three largest cryptocurrency exchanges by global volume. The expansion to serve Chinese expatriates is part of a broader strategy to increase its presence and influence in the international market. The company is eyeing new jurisdictions, including Hong Kong, the United Arab Emirates and the European Union, for future operations.

The company emphasized its commitment to regulatory compliance, a crucial factor for sustainable expansion into global markets.

“We are committed to complying with all applicable regulations in the markets in which we operate,” said Bybit. This commitment can help the company navigate the complex regulatory environments that often surround cryptocurrency trading.

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