Hong Kong SFC Announces Bybit's Withdrawal of License Application
CryptoNewsTerminal Staff01 Jun, 2024
Hong Kong SFC Announces Bybit's Withdrawal of License Application
Hong Kong's Securities and Futures Commission (SFC) has issued a public statement regarding Bybit's license application status. According to the announcement, Bybit withdrew its license application on January 31, 2023. The SFC's move follows an earlier warning issued to investors, alerting them that Bybit was operating as an unlicensed cryptocurrency exchange in Hong Kong. The withdrawal of Bybit's license application has raised questions about the exchange's adherence to regulatory requirements and its commitment to operating in compliance with local laws. This news has significant implications for Bybit's operations in Hong Kong, and it remains to be seen how the exchange will proceed in the absence of a license. Investors and users should carefully consider the regulatory implications and potential risks associated with using Bybit's services in Hong Kong.
