Bybit Welcomes Chinese Users, Sparking Hopes for Ban U-Turn

Bybit reportedly enables new signups from China fueling buzz Beijing may reverse 2021 crypto trading/mining ban.

Man in suit standing in an open door staring at a huge crowd of chinese people.
Created by Gabor Kovacs from DailyCoin
This article was amended on June 10 to include commentary from Bybit after publication.
  • China banned crypto trading and mining in 2021.
  • Bybit has reportedly opened up account registration for Mainland Chinese users.
  • Observers expect China will eventually U-turn on its anti-crypto policy.

China’s anti-crypto stance culminated in a sweeping ban on crypto trading and proof-of-work mining activities in 2021. Authorities justified the ban on the grounds of curtailing financial crimes and economic instability. However, holding cryptocurrencies remained legal for individuals under the restrictions.

The knock-on effects saw a 56% drawdown in the Bitcoin price over 10 weeks, while miners staged a mass exodus to more crypto-friendly jurisdictions. Major exchanges rapidly cut ties with Chinese users in response to the move. But now, three years later, speculation is mounting that China may reverse course, particularly as Bybit has re-opened new user registration to Chinese customers.

Bybit Reportedly Opens Mainland Registrations

Crypto reporter Wu Blockchain noted that Bybit has seemingly opened up account registration for users located in mainland China, adding to speculation that Chinese authorities may be reversing course on the nation’s 2021 trading and mining ban.

While there has been no official confirmation from Beijing of a policy U-turn. 


Wu Blockchain also claimed that Bybit’s move to open Chinese registrations has “caused panic among internal employees” at the exchange. An archived version of Bybit’s “Service Restricted” page previously listed mainland China and Hong Kong among the jurisdictions the platform does not serve.

Archived Bybit jurisdiction service exclusion information
Archived Bybit jurisdiction information

However, the current version of that same page no longer shows mainland China as a restricted area, while Hong Kong remains listed. DailyCoin reached out to Bybit requesting clarification on whether the platform is now available to Chinese users. A Bybit spokesperson told DailyCoin that the company had re-opened registration for overseas Chinese nationals.

These developments have reignited broader discussions around the possibility of China lifting its crypto trading and mining ban.

Is China Pro-Crypto Now?

Talk of China potentially lifting its trading and mining ban has been growing for the longest time, but Tether co-founder Brock Pierce recently reignited speculation by telling the South China Morning Post that he believes it’s “inevitable” China will reverse course, adding “The question is not so much if, it’s a matter of when.” 


BitMEX co-founder Arthur Hayes holds similar views. In a 2022 blog post, Hayes argued that Hong Kong’s relatively receptive crypto stance could be a “harbinger for a reboot of China’s crypto dominance.”

On the Flipside

  • Hong Kong‘s SFC added Bybit to its list of suspicious virtual asset trading platforms over “conducting unlicensed activities” in March.
  • Bybit withdrew its Hong Kong crypto exchange license application on May 30 without explanation.

Why This Matters

Bybit has opened registration for overseas Chinese nationals in response to growing demand, this alone should not be taken as confirmation that Beijing is abandoning its staunch anti-crypto stance.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.