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Globally famous cryptocurrency exchange, Bybit has millions of users and billions in daily trading volume. It however operates in accordance with a particular regulatory standard which means it is not available in all countries. In total, Bybit is available in over 160 countries, but several regions are blocked from the platform because of legal and legal issues.
Bybit Restricted Countries
Bybit has refused certain countries access to the exchange due to the restrictions and regulations under Bybit’s terms of service. If you try to create a Bybit account, your attempt will register with you in these countries, and if you do so yourself, you need to prove that you live in a country where Bybit is available. The restricted countries include:
- The United States
- Canada
- Mainland China
- Iran
- Singapore
- North Korea
- Cuba
- Uzbekistan
- Syria
Ukrainian regions under Russian control
A big reason for these restrictions is due to international sanctions or native legislation that dissuades exchanges such as Bybit from functioning legitimately in those jurisdictions. When a user located in one of these restricted regions tries to access Bybit’s services through illegal VPN, it provides no access even.
KYC and Bybit’s Global Reach
Currently, Bybit has KYC (Know Your Customer) policy mandatory. In the terminology, this identifies all users must verify their identity to create an account. The reason for Bybit’s KYC process is to adhere to global regulatory standards. This is important as Bybit was a platform that previously did not have KYC, and thus, all users on the platform were members. This is now being changed, so all users had to be identified and verified by them.
Users must provide identification documents including government issued ID or passport, and possibly additional proof of residence to go through Bybit’s KYC procedure. In other words, to deposit or trade on the platform, you need to go through this process. If you are using a VPN to try and get around the country restrictions that person is going to have to verify their information anyway so that in effect makes his attempt at using a VPN useless.
Bybit for Restricted Regions Alternative
However, Traders in restricted countrires can also use alternate platforms for trading on Bitoto while it’s services aren’t available in these nations. Bybit has already built ApeX, a decentralized exchange (DEX) that enables cryptocurrenices to be traded without any need of KYC. Derivatives trading with leverage, ApeX only needs a crypto wallet for you to use it. It’s not necessarily restricted to anyone, as is the case with Bybit’s centralized platform because they don’t require KYC verification.
Those in restricted regions also have the option of checking out other cryptocurrency exchanges that don’t have the same country restrictions. Similar features can be found in OKX, Binance, and BYDFi, and some may be available where Bybit isn’t, like in some regions. There are also competitive features on these exchanges, like derivatives trading and low fees, which makes it viable for everyone looking for other choices.
Does Bybit Allow VPN Usage?
Also, Bybit’s mandatory KYC policy also does not allow ponying around by using a VPN bypassing the geographic restrictions. A user might change their IP address to one from a country that are allowed, but still needs to go through the KYC (know your customer) verification process, which requires them to send identification documents. As KYC process is tied to an individual location, paradoxically, a VPN would not let users from restricted countries to do so.
For anyone checking out Bybit for the first, or potentially second time, that is one of the main reasons why it’s important to verify that they are in a country where the exchange is active, or look to other options, such as ApeX, which provides a decentralised experience with no need to verify the user’s identity.
What Makes Some Countries Restricted?
Driven by the global geopolitical and regulatory environment, as well as international sanctions, Bybit and other exchanges prohibit most of their users the access to the account in some countries. The legality of cryptocurrency exchanges depends on the country they operate in and some are prohibited by a law from providing their services in certain countries.
As an example, cryptocurrency exchanges in the United States and Canada must adhere to anti money laundering AML and combating the financing of terrorism CFT regulations. These are in fact laws that make these exchanges such as Bybit difficult to run in these countries. Countries subject to international sanctions, such as Iran, North Korea, and Syria, for example, are usually barred from using fiscal services — like cryptocurrency exchanges.
On account of compliance with these regulations, Bybit can still work in jurisdictions where the service is legal, but not face possible legal issues. The global regulatory climate for cryptocurrencies is changing, and Bybit could decide to lets its policies allow it to enter new markets or restrict access in others.
Global Expansion and What’s Next for Bybit
Due to the restrictions in the relevant countries, Bybit nevertheless continues to expand its global presence. It works in most areas around the globe (Europe, Southeast Asia, and Latin America), becoming one of the leaders amongst exchanges in terms of daily trading volume. Recognizing Bitby is a relatively new exchange with an easy to use interface and advanced trading features as well as competitive fees, it has caught the attention of traders everywhere.
With the crypto market advancing, Bybit might think about the means by which it can conform to the laws of the nations the country is blocked in by offering new partnerships or products. ApeX, the company’s attempt at creating a decentralized exchange, is a reflection of the company’s efforts towards giving people the opportunity to use this platform when they are unable to via restriction of access from certain countries.
Conclusion
Bit by Bit is a well known cryptocurrency exchange that is operated across more than 160 countries worldwide. Though, the platform is regulated in many countries, including the US, Canada, China, and Iran, due to regulatory reasons. Bybit also required mandatory KYC policy applied to each user as part of the company’s regulatory compliance efforts. Since users from restricted regions cannot access Bybit’s centralized exchange, they are free to look inside ApeX, Bybit’s decentralized exchange platform, or other options of OKX and Binance and BYDFi. The situation of Bybit in the crypto landscape is likely to keep changing as the regulatory landscape changes, and there can be some new initiative will be taken to expand or adjust its offerings based on the need.
Disclaimer: The content provided reflects the authors personal opinions and is influenced by current market conditions. Conduct thorough research before making any cryptocurrency investments. The author and the publication are not liable for any financial losses you may incur.