ByBit leaves China? What happens to the platform?
China is currently one of the most volatile regions for users of the crypto industry. The local government regularly comes up with many innovations that limit the blockchain and oppress the leading assets of the digital market. And, against the backdrop of such unfavorable circumstances, many leading companies are making difficult decisions to suspend operations in China. This idea came from ByBit. This is one of the leading digital exchanges in Asia, and therefore its withdrawal from China simply needs to be discussed. Next, we will tell you how to be users of the platform and what caused such an unusual, cardinal decision. So let’s get started.
You might think that this is just one of the digital platforms, which is no different from numerous counterparts. Quite the opposite. As practice shows, the popularity of ByBit in the region is about the same as that of the leading platforms. Like Binance and Bitfinex. Millions of eyes are riveted to the solutions of this service, and thousands of active traders use the functionality of the exchange. Most of which are concentrated in China. We have no doubt that there are representatives of this state among our readers, and therefore we note that from now on, all Chinese IP-addresses will be under certain sanctions. The initiative will be adopted as a ground-breaking decision as early as June 15th. How serious are the restrictions? Let’s just say, according to the measures taken, the platform almost completely blocks access to its own tools for all representatives of China.
In particular, if you try to enter the exchange while in China, you will not get access to the API, you will not see market indicators, you will not be able to create orders and have access to similar financial instruments. The work is almost completely paralyzed. And the saddest thing is that ByBit is far from the first digital platform to restrict Chinese users. Previously, representatives of Huobi and OKEx made similar actions. But it was ByBit that moved from targeted bans to general restrictions on work. What caused such serious measures and how to work for the residents of China in the current circumstances? More on this in the next section.
What should Chinese users do? What caused the platform’s decisions?
In fact, the representatives of the mentioned exchanges can be understood. They are proactive in observing the difficult situation in today’s China. Indeed, just a few days ago, on May 24, the local government announced its intention to introduce an additional set of control measures for the digital industry. Earlier, the Chinese authorities completely banned any activity related to the assets of the new generation. However, ordinary users shouldn’t panic. Despair is a surefire way to make fatal mistakes and then regret your own actions. Chinese citizens can still use specialized programs and bypass government blocks. Of course, we are talking about VPN and Proxy. Using such technical means, you can work with relative comfort. However, the connection speed will noticeably decrease, which can play against you.
We have no doubt that such deplorable positions of Blockchain, Bitcoin and the entire cryptoindustry will soon change. The Chinese government will either continue to suppress the digital economy or change the course of its own policies. Only time will tell. That is why it is extremely important to follow all the news of the cryptoindustry. Stay with us. We publish only high-quality, interesting material. Thanks for attention. Good luck!