Ben Zhou, Bybit’s CEO, stated residents of mainland China can entry the crypto trade with a VPN and bypass restrictions from China’s authorities whereas stressing that it’ll not settle for the Yuan nationwide foreign money.
The corporate blocks IP addresses from mainland China however started permitting abroad Chinese language customers to enroll in the trade again in June. As reported by the South China Morning Put up, Zhou acknowledged 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 acknowledged, “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 presently bans cryptocurrency buying and selling, however Hong Kong permits it via licensed crypto exchanges.
Zhou additionally claimed that Bybit is planning to reapply for that Hong Kong license in the beginning of 2025 and intends to discover a new compliance officer. This, he stated, wouldn’t do a lot by way of bringing in enterprise from Hong Kong however somewhat act as a “confidence booster.”
Bybit’s VPN stance contrasts Coinbase
Coinbase lately acquired social media backlash for its more durable stance on VPNs after a person 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 advised 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 helpful that customers make the most of a Passkey or a Bodily Safety Key for 2-factor authentication as a substitute.
Bybit is presently the second largest crypto trade by way of 24-hour quantity, in keeping with Coingecko. Bybit is crushed solely by Binance and stays bigger than Coinbase.
