Bybit, as a globally renowned cryptocurrency exchange, faces significant compliance issues in its operations in Chinese Mainland. Although the platform's headquarters is located in Singapore, it suddenly opened registration for users in Chinese Mainland in 2024, allowing them to complete level one authentication using their ID cards. This operation clearly violates the "Notice on Further Preventing and Handling the Risks of Speculation in Virtual Currency Trading" issued by the People's Bank of China and nine other departments. The policy explicitly stipulates that overseas exchanges providing services to domestic residents are illegal financial activities.

   Bybit has neither obtained a financial license nor completed basic qualifications such as ICP filing within China. Its claim of "serving the overseas Chinese community" cannot conceal its substantive violations. Historical cases show that once similar platforms encounter major risk events, they often become the first targets of investigation and punishment. More seriously, accounts registered by users through methods such as circumvention face the risk of being frozen at any time and are not protected by Chinese law.