Hong Kong regulators warn against unlicenced Bybit exchange

  • The Securities & Futures Commission (SFC) of Hong Kong issued a warning on March 14 against cryptocurrency exchange Bybit for operating without the necessary licencing.
  • The SFC stated that Bybit has been offering trading services in crypto-related products across multiple jurisdictions.
  • The SFC highlighted that Bybit’s 11 listed products, including Bybit Futures and Bybit Options, were being offered without proper authorisation in Hong Kong,

On March 14, the Securities & Futures Commission (SFC) of Hong Kong listed cryptocurrency exchange Bybit on a warning list.

SFC issues warning against Bybit

According to the SFC, “The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) known as Bybit, which offers trading services in crypto-related products in a number of jurisdictions.”

The warning list encompasses 11 products provided by the Bybit exchange, including Bybit Futures, Bybit Options, Bybit Leveraged Tokens, Dual Assets, Bybit Lending, Bybit Wealth Management, and more.

Also read: UBS launches Hong Kong’s first tokenised warrant

SFC stated: “The SFC is concerned that these products have also been offered to Hong Kong investors and wishes to make it clear that no entity in the Bybit group is licensed by or registered with the SFC to conduct any ‘regulated activity’ in Hong Kong.”

Also read: WealthPower Securities Applies for License to Engage in Virtual Asset-Related Activities with Hong Kong SFC

SFC mandates licencing

Crypto-related products, such as futures contracts or securities, must obtain licensing from the SFC before being offered to residents of Hong Kong.

Bybit.com and its Seychelles-registered owner, Bybit Fintech Limited, are mentioned in the March 14 warning.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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