Chinese IP address holders will lose access to site tools from June 15
Cryptocurrency exchange Bybit has warned users that it will stop serving Chinese residents from June 15 this year. 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 that it would stop serving 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.
On May 21, Vice Premier of the State Council of the People's Republic of China Liu He announced the need to take measures against mining and crypto trading. He called for tougher regulation of the mining and trading of cryptocurrencies in China, but did not outline specific measures.
Later, the Chinese government news agency 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.