The Securities and Futures Commission (SFC) of Hong Kong issued, on March 14, an alert related to the operations of the bybit. According to the statement, the Bybit platform operates without the necessary licensing in the region.
The SFC reported that it published Bybit on the alert list of suspicious virtual asset trading platforms and its crypto-related products on the alert list of suspicious investment products, on March 14, 2024.
“The Securities and Futures Commission (SFC) today warns the public about an unlicensed virtual asset trading platform (VATP) known as Bybit, which offers trading services in crypto-related products in multiple jurisdictions.”
The regulator highlighted its concern that Bybit products were also offered to Hong Kong investors and emphasized that no Bybit group entity is licensed or registered with the SFC to carry out any “regulated activity” in Hong Kong.
“In Hong Kong, cryptocurrency-related products may constitute “futures contracts” or “securities” under the SFO, in which case the trading and/or marketing of these products – whether in Hong Kong or to Hong Kong investors – constitutes a “regulated activity”. and require a license from the SFC unless an exemption applies. It is a crime to carry out regulated activities without a license”, highlighted the regulator in the anúncio.
It is worth remembering that, in January, the cryptocurrency exchange Bybit was seeking to obtain an operating license in Hong Kong aiming to act as a “virtual asset trading platform”, according to the Hong Kong Securities and Futures Commission website.
The regulator's website revealed that the exchange submitted a license application on January 31 through the company Spark Fintech Limited. As presented by the regulator on its website, 14 requests are being analyzed by the Commission.
