Insider information revealed that Hong Kong authorities have no plans to license an offshore crypto exchange, so Bybit decided to exit the Hong Kong market.
Bybit is a well-known cryptocurrency exchange with an easy-to-use platform and advanced trading options. It enables spot and derivatives trading, supports many cryptocurrencies and offers high liquidity and fast transactions. Bybit is also praised for its strong security and good customer support.
On May 30, 2024, Bybit withdrew its application for a virtual asset service provider (VASP) license to the Hong Kong Securities and Futures Commission (SFC).
Following this decision, Bybit has temporarily halted all Crypto products and services on its Hong Kong platform, except customer withdrawals. And also requested customers to follow the given instructions to withdraw their remaining Crypto funds.
Before Bybit, major crypto exchanges Binance, OKX, Gate and HTX had already withdrawn their crypto license applications from Hong Kong’s SFC authority.
Market rumors suggest Hong Kong could halt issuing licenses to offshore exchanges.
Currently, only two Chinese crypto companies Hash Blockchain Limited (HashKey exchange) and OSL Digital Securities Limited (OSL Exchange) are registered crypto companies in the jurisdiction of Hong Kong.
Hong Kong and Crypto Crimes
Recently, a report from the Hong Kong Police noted that crypto fraud has increased by 90% between 2022 and 2023.
In particular, the number of virtual asset crimes has risen sharply from 2,336 in 2022 to over 3,415 in 2023, totaling $550 million.
Bybit employees resign
Yesterday we reported that several employees of the Bybit crypto exchange voluntarily resigned due to their inability to properly manage the $Not token airdrop distribution on May 16, 2024.
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