Coinbase reportedly eases mainland China onboarding; shares rise more than 2%
Mainland Chinese users can now reportedly verify Coinbase accounts with national ID cards and local addresses, though some users said fiat deposits were unavailable and crypto trading restrictions remain in place.
Coinbase Global shares rose more than 2% and traded above $160 after reports that the exchange had eased account registration for users in mainland China. Residents can now reportedly verify accounts with a Chinese national identity card and a mainland address, replacing earlier reported requirements for a Chinese passport and Hong Kong residency documents. WuBlockchain said the change was confirmed by a Coinbase representative. Some users also reported being unable to deposit fiat currency, suggesting the onboarding change may not translate into full local funding access. The move lowers a longstanding registration barrier for mainland residents, but it does not alter China’s crypto rules: mainland users remain prohibited from directly trading cryptocurrencies with the Chinese yuan on public exchanges, and local banks and payment systems remain unavailable for crypto transactions.
- fiat currency: Government-issued money, such as the Chinese yuan or U.S. dollar, that is not backed by a physical commodity.
- onboarding: The account opening and verification process that allows a user to access a financial platform.
- Know Your Customer (KYC): Identity verification checks financial platforms use to confirm users’ identities and help prevent fraud and illicit activity.