Ben Zhou, Bybit’s CEO, stated residents of mainland China can entry the crypto change with a VPN and bypass restrictions from China’s authorities whereas stressing that it’s going to not settle for the Yuan nationwide forex.
The corporate blocks IP addresses from mainland China however started permitting abroad Chinese language customers to enroll in the change again in June. As reported by the South China Morning Put up, Zhou said that Bybit wouldn’t commerce yuan however famous that mainland residents can use a VPN. He claimed the dangers of permitting mainland Chinese language residents to commerce on their platform have been “acceptable.”
Zhou moreover said, “What the Chinese government dislikes the most about crypto is that it can facilitate capital outflow, so we won’t touch this red line.” China at the moment bans cryptocurrency buying and selling, however Hong Kong permits it by way of licensed crypto exchanges.
Zhou additionally claimed that Bybit is planning to reapply for that Hong Kong license firstly of 2025 and intends to discover a new compliance officer. This, he stated, wouldn’t do a lot when it comes to bringing in enterprise from Hong Kong however somewhat act as a “confidence booster.”
Bybit’s VPN stance contrasts Coinbase
Coinbase not too long ago acquired social media backlash for its more durable stance on VPNs after a consumer claimed that utilizing a VPN and sending $25,000 in USDC locked their account.
Coinbase’s product designer stated, “Attackers always use VPNs, so our risk models take that as a negative sign even if you’re legitimately using your own account.”
When requested to touch upon their VPN stance, Coinbase informed Protos, “VPNs are a valuable tool for privacy, and simply using one won’t result in your account being flagged.”
Nonetheless, it conceded VPNs can “trigger additional security reviews” when mixed with “unusual activity—like a login from a new, unrecognized device.”
“This is a common practice across financial institutions to help prevent account takeover (ATO) attacks,” Coinbase stated, and it really useful that customers make the most of a Passkey or a Bodily Safety Key for 2-factor authentication as an alternative.
Bybit is at the moment the second largest crypto change when it comes to 24-hour quantity, in response to Coingecko. Bybit is crushed solely by Binance and stays bigger than Coinbase.