Hong Kong adds Bybit to its list of suspicious crypto exchanges

Hong Kong’s Securities and Futures Commission (SFC) has added Bybit to its database of suspicious virtual plus trading platforms and issued a nationalist informing astir its unlicensed operations.

In a March 14 warning, the SFC said the level is unlicensed and expressed concerns that Bybit has offered its products to Hong Kong investors.

Unlicensed operations

According to the regulator, nary of the entities operating nether the Bybit radical person secured the required licence to behaviour regulated activities successful Hong Kong.

The existent informing concerns 11 Bybit products, including futures contracts and inverse futures contracts, options, leveraged tokens, liquidity mining, staking, lending, and wealthiness management. Some of those categories see aggregate products.

The informing besides named Bybit Dual Asset, a short-term trading tool, and Bybit Shark Fin, a guaranteed earning service, arsenic suspicious products.

All of the supra services person been added to a list of suspicious concern products that is abstracted from the SFC’s database of suspicious virtual plus trading platforms.

Enforcement is possible

The SFC said it whitethorn prosecute further regulatory enactment action the level if necessary.

According to the release:

“The SFC volition not hesitate to instrumentality enforcement enactment against unlicensed activities wherever appropriate.”

It is simply a transgression discourtesy to connection unlicensed crypto-related products successful Hong Kong, including futures contracts and services. It is likewise a transgression discourtesy to beforehand those products without authorization.

While the anticipation of SFC enforcement whitethorn supply immoderate grade of protection, individuals successful Hong Kong who trust connected unlicensed services tin suffer their concern if a work ends operations, collapses, oregon misappropriates its users’ assets. Those victims volition apt find it hard to question recourse against services that bash not person a transportation to Hong Kong.

Bybit is the third-largest centralized crypto speech successful the world, with a 24-hour trading measurement of much than $7 cardinal arsenic of March 14.

The station Hong Kong adds Bybit to its database of suspicious crypto exchanges appeared archetypal connected CryptoSlate.