Bybit, a centralized cryptocurrency exchange, has surprised the market by allowing registration and authentication for users located in mainland China. Notably, renowned Chinese blockchain reporter Colin Wu highlighted a screenshot revealing Bybit's updated verification process that now permits Chinese users. This move is significant as Bybit had previously banned all registrations from China in compliance with the prevailing restrictions. The management at Bybit had been extra cautious in enforcing this prohibition.

Despite the ongoing ban on cryptocurrency, crypto analysts have observed a persistent use of digital assets in China. It is worth mentioning that Chinese administrative laws do not outrightly forbid virtual currency transactions, providing some leeway for individuals to navigate within the regulatory landscape.

Colin Wu emphasized the unexpected shift at Bybit, indicating that the exchange has yet to retract the cautionary disclaimer on its certification page. This disclaimer specifically warns Chinese users about potential risks associated with engaging in cryptocurrency activities. The revised stance of Bybit towards Chinese users has sparked discussions about the reversal of policies related to cryptocurrency within China.

For more information on this development, please refer to the full article at Coin Edition.