Bybit has removed China from its list of restricted countries for using its services, as confirmed by CryptoSlate on June 5 through the exchange’s website. However, restrictions still apply to citizens of other countries such as the United States, the United Kingdom, Canada, Singapore, and Hong Kong.

It remains unclear whether Bybit has obtained licensing to operate in China. Nonetheless, industry observers speculate that this decision could potentially attract millions of Chinese users to the platform.

Earlier today, Wu Blockchain reported that Bybit was permitting Chinese users to register, causing concern among internal employees despite similar moves by competitors.

According to CoinMarketCap, Bybit ranks as the second-largest crypto exchange by trading volume, having processed over $4 billion in trades within the last 24 hours. Nansen’s exchange reserve dashboard indicates that customers hold more than $7 billion worth of assets on the platform.

As of now, Bybit has not issued a public statement regarding these developments or responded to requests for comment.

China’s regulatory stance against cryptocurrencies has been stringent, initially banning crypto transactions in 2013 and extending this prohibition to crypto mining activities in 2021. This regulatory environment led platforms like Binance and HTX (formerly Huobi) to halt services for mainland Chinese customers after authorities forbade overseas exchanges from catering to mainland investors.

Despite these restrictions, reports indicate that Chinese crypto traders have found alternative avenues to participate in the crypto market. A Chainalysis report ranked China as the third highest Asian country in terms of crypto activity, noting transactions amounting to $86.4 billion between 2022 and 2023.