Hong Kong Financial Regulator Adds Crypto Exchange Giant Bybit to List of ‘Suspicious’ Virtual Asset Platforms

The Securities and Futures Fee (SFC) of Hong Kong is including crypto trade Bybit to its listing of suspicious digital buying and selling platforms.

In a brand new assertion, the monetary regulator warns buyers that Bybit is an unlicensed digital asset buying and selling platform (VATP).

“The SFC cautions buyers towards investing with unlicensed entities. Buyers might danger shedding their complete funding made with an unlicensed entity if it ceases operation, collapses or in any other case suffers from any misappropriation of property.

Looking for recourse towards entities that would not have a nexus with Hong Kong is prone to be tough and authorized treatments will not be obtainable.”

The SFC says finishing up regulated actions and not using a license is a legal offense in Hong Kong.

“In Hong Kong, crypto-related merchandise might represent ‘futures contracts’ or ‘securities’ below the SFO and in that case, dealing in and/or advertising these merchandise – whether or not in Hong Kong or focusing on Hong Kong buyers – represent a ‘regulated exercise’ and require a license from the SFC until an exemption applies.”

The SFC additionally added Bybit associates, resembling ByBit Wealth Administration, Bybit Lending, Bybit Shark Fin, Bybit Web3 Staking, Bybit Leveraged Tokens, Bybit Choices and Bybit Futures Contracts and Inverse Futures Contracts, to its Suspicious Funding Merchandise Alert Checklist.

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