Hong Kong Securities and Futures Commission Warns: Bybit Illegally Offers Multiple Cryptocurrency Trading Products in Hong Kong
The Securities and Futures Commission (SFC) of Hong Kong warned the public on March 14th that Bybit is an unlicensed virtual asset trading platform and provides trading services for cryptocurrency-related products in multiple jurisdictions.
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Bybit provides multiple services in Hong Kong without a license
SFC: Listed on the suspicious warning list
Bybit provides multiple services in Hong Kong without a license
According to an announcement by the SFC, Bybit is accused of providing the following services without a license:
Options
Coin Savings
Leveraged Tokens
Dual Currency Investments
Liquidity Mining
Futures Contracts and Inverse Futures Contracts
SFC: Listed on the suspicious warning list
The SFC emphasized that no entity under the Bybit group has been licensed or registered by the SFC to carry out any regulated activities in Hong Kong.
Therefore, the SFC has listed Bybit as a suspicious virtual asset trading platform on March 14th and included its cryptocurrency-related products in the list of suspicious investment products.
In appropriate cases, the SFC will take enforcement action against unlicensed activities.
The SFC specifically pointed out that the unlicensed products are provided by Bybit International (https://www.bybit.com), operated by a Seychelles company called Bybit Fintech Limited.
Another similar website (https://www.bybit.com.hk) is operated by a different entity called Spark Fintech Limited, which is registered in Hong Kong and does not provide services related to the aforementioned cryptocurrency-related products.
Bybit has not publicly responded to this news.
Bybit
SFC
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