Ben Zhou, Bybit’s CEO, mentioned 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 signal up for the trade 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 present bans cryptocurrency buying and selling, however Hong Kong permits it by 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 mentioned, wouldn’t do a lot by way of bringing in enterprise from Hong Kong however fairly act as a “confidence booster.”

Bybit’s VPN stance contrasts Coinbase

Coinbase not too long ago obtained social media backlash for its harder stance on VPNs after a consumer claimed that utilizing a VPN and sending $25,000 in USDC locked their account. 

Coinbase’s product designer mentioned, “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.”