Bybit CEO Ben Zhou has stated that users in mainland China can use a virtual private network (VPN) to trade cryptocurrencies on the platform, despite not supporting trading with the Chinese yuan. Zhou explained that the Chinese government is concerned about crypto facilitating capital outflow, so Bybit will avoid crossing this "red line." While Bybit allows Chinese citizens to register on the platform with mainland China identity documents, it still blocks Chinese IP addresses. However, Zhou noted that there have not been many users joining from mainland China. Bybit has seen significant growth in user count, with 40 million new users this year, bringing the total to nearly 60 million. The CEO also revealed plans to reapply for a Hong Kong license in Q1 2023. The Chinese government maintains a ban on crypto trading in its mainland region since 2021, but Chinese traders have still engaged in crypto activities, processing nearly $50 billion in transaction volume.



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