Bybit has removed China from its list of restricted countries, allowing Chinese citizens to use its services. CryptoSlate confirmed this on June 5, noting that the restriction list still includes countries like the United States, the United Kingdom, Canada, Singapore, and Hong Kong.

It remains unclear if Bybit has obtained the necessary licensing to operate in China. Market observers speculate that this move could attract millions of Chinese users to the platform.

Earlier, Wu Blockchain reported that Bybit was enabling Chinese user registrations, causing some internal concern among employees. Bybit, the second-largest crypto exchange by trading volume, processed over $4 billion in trades in the last 24 hours, and holds over $7 billion in customer assets according to Nansen’s analytics.

Bybit has not commented on this development or responded to requests for comment.

China's strict anti-crypto regulations, including a ban on crypto transactions since 2013 and mining since 2021, have forced many platforms like Binance and HTX (formerly Huobi) to cease operations in mainland China. Despite these bans, Chinese traders continue to find ways to participate in the crypto market, with a Chainalysis report ranking China as the third Asian country in crypto activities, receiving $86.4 billion in transactions between 2022 and 2023.