In a notable shift, cryptocurrency exchange Bybit appears to have extended its services to users in the People's Republic of China, a jurisdiction previously restricted. According to a report by Wu Blockchain, a social media-based news outlet, Bybit has enabled registration and authentication for Chinese users, allowing them to use various forms of identification—such as ID cards, passports, driver’s licenses, or resident permits—to complete the platform’s know-your-customer (KYC) protocols.

As of June 5, China was not listed among the excluded jurisdictions for Bybit's services, indicating a potential policy change. Bybit’s terms of service explicitly exclude several regions from accessing their services, including the United States, the United Kingdom, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine, and Syria. The terms also note that Bybit may determine additional exclusions at their sole discretion.

Earlier this year, Bybit submitted an application to operate as a virtual asset trading platform in Hong Kong through its local entity, Spark Fintech Limited. However, Bybit later withdrew this registration. This decision came after the Hong Kong Securities and Futures Commission announced that it would not permit firms offering services in mainland China to operate in Hong Kong.

The Block reached out to Bybit for confirmation of these developments, but as of now, no official statement has been released. The expansion into the Chinese market marks a significant move for Bybit, considering the stringent regulations and previous bans on cryptocurrency trading imposed by Chinese authorities. This development could potentially reshape the landscape of cryptocurrency exchanges operating within China, pending any regulatory responses.