Toncoin (ton) 
Bybit Open to Mainland Chinese Users via VPN, No Yuan Trading Planned
Mainland Chinese users can access Bybit, a popular cryptocurrency exchange, using a virtual private network (VPN), according to its CEO, Ben Zhou. However, the platform has no intentions of accepting China’s local currency, the yuan, for trading purposes.
Zhou made the announcement during a media briefing on December 3, stating that the platform’s decision is in line with the Chinese government’s concerns about cryptocurrencies facilitating capital outflow. He emphasized that Bybit will not touch this “red line” to avoid any potential conflicts with the government.
Workaround for Chinese Citizens
Although Bybit blocks Chinese IP addresses, users can bypass this restriction by connecting to a VPN and using an IP address from a different region. This workaround allows mainland Chinese citizens to trade on the platform, despite the government’s ban on crypto trading.
Bybit had previously allowed Chinese citizens to register on the platform using their national IDs and passports since June this year. However, the move was initially intended to attract Chinese citizens living overseas.
User Growth and Future Plans
Despite the ban, Bybit has seen significant user growth, with 40 million new users joining the platform this year. This brings the total user count to almost 60 million, a nearly 300% increase compared to last year’s total registered users.
Zhou also announced plans to reapply for a Hong Kong license in the first quarter of next year. Bybit had previously applied for a Hong Kong license in January this year but withdrew it in May.
Chinese Crypto Market Remains Active
Despite the ban on crypto trading in mainland China since 2021, the Chinese cryptocurrency market remains active. According to data, the market has processed nearly $50 billion in crypto transaction volume from July 2023 to June 2024.
“What the Chinese government dislikes the most about crypto is that it can facilitate capital outflow. So we won’t touch this red line.”
Chinese traders continue to find ways to engage in crypto trading activities despite the ban. Bybit’s decision to allow mainland Chinese users to access the platform via VPN highlights the ongoing demand for cryptocurrencies in the region.
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