Digital asset prime brokerage Hidden Road suspends access to Bybit exchange for clients

IconCryptoNewsTerminal Staff29 May, 2024

cryptonews.jpg

Digital asset prime brokerage Hidden Road suspends access to Bybit exchange for clients

Hidden Road, a digital asset prime brokerage, has suspended access to the Bybit exchange for its clients, according to a report by the Unfolded X account, a cryptocurrency market insights platform. The suspension took effect on June 16, 2023, and clients were notified via email. Hidden Road did not provide a specific reason for the suspension, but it is likely due to concerns about Bybit's regulatory compliance. Bybit is a Seychelles-based exchange that has been under scrutiny by regulators in recent months. In March 2023, the Ontario Securities Commission (OSC) issued a cease and desist order against Bybit, alleging that it was operating an unregistered crypto asset trading platform in the province. The suspension of access to Bybit by Hidden Road is a significant development, as it could indicate that other prime brokerages and institutions are also becoming increasingly concerned about the regulatory risks associated with the exchange. It remains to be seen whether Bybit will be able to address these concerns and regain the trust of the institutional community.

Related News