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Home Regulations

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

n70products by n70products
March 16, 2024
in Regulations
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Hong Kong Financial Regulator Adds Crypto Exchange Giant Bybit to List of ‘Suspicious’ Virtual Asset Platforms
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The Securities and Futures Fee (SFC) of Hong Kong is including crypto alternate Bybit to its listing of suspicious digital buying and selling platforms.

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

“The SFC cautions traders towards investing with unlicensed entities. Traders might threat dropping their total funding made with an unlicensed entity if it ceases operation, collapses or in any other case suffers from any misappropriation of property.

Searching for recourse towards entities that would not have a nexus with Hong Kong is more likely to be troublesome and authorized cures will not be obtainable.”

The SFC says finishing up regulated actions with out a license is a legal offense in Hong Kong.

“In Hong Kong, crypto-related merchandise might represent ‘futures contracts’ or ‘securities’ underneath the SFO and if that’s the case, dealing in and/or advertising these merchandise – whether or not in Hong Kong or focusing on Hong Kong traders – represent a ‘regulated exercise’ and require a license from the SFC except 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 Listing.

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Tags: addsAssetBybitCryptoExchangeFinancialGiantHongKonglistPlatformsregulatorSuspiciousVirtual
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