tl;dr
Hong Kong’s Securities and Futures Commission (SFC) has categorized the crypto exchange Bybit as a “suspicious” entity, along with 11 of its offerings, due to a lack of requisite licensing in Hong Kong. Only OSL and HashKey have successfully obtained their licenses, setting a precedent for others in...
Hong Kong’s Securities and Futures Commission (SFC) has categorized the crypto exchange Bybit as a “suspicious” entity, along with 11 of its offerings, due to a lack of requisite licensing in Hong Kong. Only OSL and HashKey have successfully obtained their licenses, setting a precedent for others in the crypto sector. The SFC has also flagged other programs for promising unrealistic returns and frequently updates its Suspicious Investment Products list to alert investors to potential risks.
On Thursday, the SFC updated its list of questionable virtual asset trading platforms, singling out Bybit and 11 of its offerings, including futures contracts, options, leveraged tokens, and a range of services like dual asset 2.0 and shark fin. The SFC’s alert emphasizes that these products lack the requisite licensing in Hong Kong, raising serious concerns about their legality and the protection of local investors. The spotlight on Bybit is part of the SFC’s wider scrutiny of the crypto sector, and their efforts aim to enforce regulatory compliance for maintaining market integrity and investor confidence.
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