Coinbase opens registration for users in China

Coinbase opens its doors to users in China. From 14 July, several people on social media report that they can successfully create an account on the American crypto exchange, something that was previously not possible for residents of mainland China.

Verification now possible with Chinese national ID

Wu Blockchain confirms the change after contacting Coinbase employees. Users in China can now verify their identity with a Chinese national ID and an address on the mainland. That is a significant change from the previous situation, where a Chinese passport and a Hong Kong address were required to open an account.

The change is also visible in the official Coinbase help documentation, where China was previously marked as ‘Not available’. The barrier for Chinese users to access the platform is thus much lower than before.

Striking move in a tense market

Coinbase’s move is striking, especially in the context of China’s stance towards crypto. The country has had a strict policy on digital assets for years and regularly warns about risks related to money laundering. For instance, China previously warned against the use of crypto mixers and privacy coins in money laundering practices.

Yet Coinbase now seems to be actively focusing on access for Chinese users. Whether this is a deliberate strategic choice to attract a large new user base, or whether it is a technical adjustment in the verification flow, has not yet been officially clarified by the company. The crypto world is watching with interest to see how this develops.