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 change Bybit to its checklist 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. Traders could danger shedding their total funding made with an unlicensed entity if it ceases operation, collapses or in any other case suffers from any misappropriation of belongings.

Looking for recourse towards entities that don’t have a nexus with Hong Kong is more likely to be troublesome and authorized cures is probably not out there.”

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

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

The SFC additionally added Bybit associates, akin to 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 Listing.

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