The crypto exchange Bybit seems to have enacted services in a previously restricted jurisdiction: the People's Republic of China.
Bybit enabled registration and authentication services for users in China, allowing them to provide their ID, passport, driver's license, or resident permit to proceed with know-your-customer protocols on the platform, reports to social media-based news outlet Wu Blockchain. The Block reached out to Bybit for confirmation.
As of June 5, China was not included in the list of excluded jurisdictions for the exchange's services.
"Bybit does not offer services or products to Users in a few excluded jurisdictions including the United States, the United Kingdom, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), Syria, or any other jurisdictions in which we may determine from time to time to terminate the services at our sole discretion," according to Bybit's terms of service.
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Bybit submitted an application to operate as a virtual asset trading platform in Hong Kong via the firm's local entity, Spark Fintech Limited, earlier this year. The Bybit entity has since pulled its Hong Kong registration.
In early June, the Hong Kong Securities and Futures Commission noted that it would not allow services from firms that also provide services to customers in mainland China, The Block previously reported.
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