Bybit Excludes Yuan Trading but Allows Chinese Users to Access Platform with VPN

Bybit, one of the leading global cryptocurrency exchanges, has clarified its stance on Chinese users and their access to the platform amid ongoing regulatory challenges in mainland China. CEO Ben Zhou announced on December 3, 2024, that while Bybit will not support trading in China’s local currency, the yuan, Chinese citizens can still access the platform by using a Virtual Private Network (VPN) to bypass local restrictions.

Zhou made it clear that Bybit does not intend to accept yuan trading, aligning with the Chinese government’s stance against capital outflows facilitated by cryptocurrencies. He emphasized that Bybit would avoid crossing this “red line” to comply with local regulations. The exchange has already taken measures to prevent direct access from mainland China by blocking Chinese IP addresses. However, Chinese citizens residing overseas or using VPNs to mask their location can still access and trade on the platform.

Bybit’s decision to allow mainland Chinese users access via VPN is part of a broader strategy to attract Chinese citizens living abroad. Despite this move, Zhou revealed that the exchange has not seen a significant influx of users from mainland China. However, Bybit did see a major surge in new users in 2024, with 40 million new registrations this year, bringing its total user base to nearly 60 million—an increase of almost 300% from last year’s 20 million.

In addition to updates on Chinese user access, Zhou also shared that Bybit plans to reapply for a Hong Kong crypto license in the first quarter of 2025. This follows the exchange’s decision to withdraw its initial application in May 2024, after submitting it earlier that year. Hong Kong has been allowed by the Chinese government to develop its crypto industry, while the mainland has maintained its ban on crypto trading since 2021. Despite this ban, Chinese traders continue to engage in crypto activities, with data from Chainalysis showing that between July 2023 and June 2024, China processed nearly $50 billion in crypto transaction volume.

In summary, while Bybit is not offering yuan trading and continues to comply with Chinese regulations, it remains accessible to Chinese users who are willing to use VPNs, and the platform is positioning itself to take advantage of opportunities in Hong Kong’s growing crypto market.