October 19, 2021

Bybit crypto exchange will stop serving users from China

Owners of Chinese IP addresses will lose access to the site's tools from June 15th.

Bybit Cryptocurrency Exchange warned users that from June 15this year will stop serving Chinese residents. The site will make trading inaccessible to users who use Chinese IP addresses. Chinese residents will no longer be able to access quotes, orders and other tools that Bybit provides.

Earlier, the Huobi crypto exchange announced the termination ofserving customers from mainland China following a call from local authorities to tighten regulation of cryptocurrency mining and trading. Also, large mining companies began to leave China.

May 21 on the need to take action againstmining and crypto trading said Vice Premier of the State Council of the People's Republic of China Liu He. He called for tougher regulation of the mining and trade of cryptocurrencies in China, but did not outline specific measures.

Later government news agencyChina's Xinhua published an article “Urgently Eliminate the Hype and Chaos around Virtual Currency,” which highlighted four risks associated with trading and using cryptocurrencies: market, transactional, technological and legal.

Bybit crypto exchange was founded in 2018. The platform provides users with access to trading perpetual derivative contracts for cryptocurrencies.

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