Key Insights:
- Coinbase to accept Chinese national IDs as mainland addresses for user verification.
- COIN stock surges by 2.62% as reports of China onboarding changes market interest.
- Coinbase stock gained despite unclear China rollout details and ongoing regulatory restrictions.
Coinbase moved into the spotlight after reports suggested the exchange had eased account registration requirements for users in mainland China.
The reported change surfaced on July 14 after several social media users shared screenshots showing successful registrations using Chinese national identification cards and mainland addresses.
Wu Blockchain later confirmed the change with Coinbase staff. However, the company has not publicly announced the update, and its official support documents still describe different verification requirements.
Coinbase Registration Change Raises Questions Over China Access
Several users on social media reported that Coinbase had begun allowing mainland Chinese residents to complete identity verification with a Chinese national ID and a mainland address. Previously, applicants reportedly needed a Chinese passport and a Hong Kong address to complete the onboarding process.
Wu Blockchain stated that a Coinbase staff has confirmed the change. At the same time, Mary-Kate Collins, Coinbase’s head of international communications, referred to the company’s offshore trading platform instead of confirming the mainland verification update.
She said Coinbase International Exchange serves customers in more than 100 countries and allows trading across cryptocurrencies, equities, and commodities. However, she did not directly address whether mainland Chinese verification requirements had changed.
The company has not issued a public announcement. Meanwhile, Coinbase’s support documentation continues listing a passport as the only accepted identification document for users in China. The page also states that proof of address is unavailable for the country.
Coinbase Faces China Rules While Coin Stock Extends Gains
The reported registration change comes against the backdrop of China’s long-standing restrictions on cryptocurrency trading. In September 2021, the People’s Bank of China and nine other government agencies classified services provided by offshore cryptocurrency exchanges to mainland residents as illegal financial activity.
Following that decision, Huobi stopped accepting mainland Chinese users within days. In February, regulators later expanded restrictions to include stablecoins and tokenization. Authorities also intensified enforcement against offshore brokerage channels during May.
Coinbase is not the first offshore exchange to serve some Chinese users. OKX and several competitors have kept offshore access for certain mainland customers. However, Coinbase’s reported onboarding changes have gained interest because the company is publicly listed in the United States.
Historical data also shows China’s previous role in Bitcoin mining. According to research from Cambridge, China accounted for more than 75% of the global Bitcoin hashrate in September 2019. That share dropped to nearly zero by July 2021 following the country’s mining ban.
COIN Stock Climbs Despite Leadership and Competition Concerns
The reported changes to China registration coincided with a positive trading session for COIN stock. Coinbase Global shares closed July 14 at $161.50, rising by 2.62%, or $4.13, from the previous session.
The trading remained volatile throughout the day. The stock moved around $157 and $162 before buyers pushed shares higher during the afternoon session.
Momentum continued after the closing bell. Coinbase stock added another 0.92%, or $1.49, reaching $162.99 during after-hours trading at 7:30 p.m. UTC-4.
Despite Tuesday’s advance, Coinbase stock remains at around 38% below its level six months ago.
