In its latest warning, Hong Kong regulators have labeled Bybit a ‘suspicious’ cryptocurrency trading platform.
Cryptocurrency exchange Bybit said,Hong Kong financial regulators have declared the cryptocurrency trading platform “suspicious” even though the company’s local arm, Spark Fintech, submitted an application for a cryptocurrency exchange license earlier this year.
Thursday Hong Kong Securities and Futures Commission updated A list of “suspicious virtual asset trading platforms” that includes Bybit. The SFC also identified 11 products offered by Bybit as suspicious.
“Suspicious” investment products are Bybit futures contracts and reverse futures contracts, Bybit options, Bybit leveraged tokens, Dual Asset, Dual Asset 2.0, Bybit Shark Fin, Liquidity Mining, ETH 2.0 Liquid Stake, Bybit Web3 Stake, Bybit Lending and Bybit . Wealth Management, according to the SFC website.
“The SFC is concerned that these products were also offered to Hong Kong investors and wishes to make clear that no entity in the Bybit Group is licensed by or registered with the SFC to carry out ‘regulated activities’ in Hong Kong.” SFC said name.
“We are unable to comment on specific products or regulatory inquiries at this time,” a Bybit spokesperson said in a statement shared with The Block. “We have a variety of products listed in different regions to meet local compliance requirements, so we can assure you that these products are not available in the Hong Kong market.”
Ongoing license review
The regulator noted that the aforementioned activities were carried out by bybit.com, which is operated by Bybit Fintech Limited, a Seychelles company. This is different from the separate website bybit.com.hk, managed by Spark Fintech Limited, a Bybit entity incorporated in Hong Kong.
In January, Spark Fintech submitted a license application to the SFC to operate as a “virtual asset trading platform,” according to the regulator. List Number of applicants.
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