Bybit with 60M users seeks Hong Kong license
Bybit will not cross "red lines" but allows Chinese users to use VPNs
Bybit CEO Ben Zhou stated that users from mainland China can trade cryptocurrency on the platform by using virtual private networks (VPNs). However, the company has no plans to support yuan trading in the near future.
This year, Bybit has nearly tripled its user base. From 20 million at the start of 2024, the platform added about 40 million new users, expanding its audience to nearly 60 million.
However, the number could have been even higher, considering Bybit’s efforts to attract Chinese users. In June, the crypto exchange allowed mainland Chinese residents to register on the platform using identification documents, including national IDs and passports, while continuing to block Chinese IP addresses.
According to Ben Zhou, this move was intended to attract Chinese citizens living abroad.
Bybit will not cross "red lines"
Despite these efforts, Zhou admitted that the platform has not seen a significant influx of users from China. Now, the Bybit CEO announced plans to reapply for a license in Hong Kong in the first quarter of 2025.
Additionally, Zhou mentioned that mainland Chinese residents could increase the user base by trading on the platform via VPNs.
The one thing Bybit is unwilling to do is introduce yuan trading pairs. "What the Chinese government dislikes most about cryptocurrency is its potential to facilitate capital outflows. We won’t touch that red line," Zhou stated.
Bybit, one of the world’s leading cryptocurrency exchanges, has rolled out a limited-time promotion for new users of its peer-to-peer (P2P) trading platform.
The initiative encourages users to make their first deposit via P2P, guaranteeing a $10 reward or a chance to win $99 in a prize draw.
