The Securities and Futures Commission (SFC) of Hong Kong warned the public on March 14th that Bybit is an unlicensed virtual asset trading platform and offers trading services for cryptocurrency-related products in multiple jurisdictions.
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Bybit provides multiple services without a license in Hong Kong
SFC: Listed on the Suspicious Warning List
Bybit provides multiple services without a license in Hong Kong
According to the SFC announcement, Bybit is accused of providing the following services without a license:
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Coin Savings
Leveraged Tokens
Dual Currency Investment
Liquidity Mining
Futures Contracts, and Inverse Futures Contracts
SFC: Listed on the Suspicious Warning List
The SFC emphasizes that no entity under the Bybit group has been licensed or registered by the SFC to conduct regulated activities in Hong Kong.
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Therefore, on March 14th, the SFC added Bybit to the list of suspicious virtual asset trading platforms and included its cryptocurrency-related products on the list of suspicious investment products.
In appropriate circumstances, the SFC will take enforcement action against unlicensed activities.
The SFC specifically points out that the unlicensed products are provided by Bybit International (https://www.bybit.com), operated by a Seychelles company called Bybit Fintech Limited.
Another similar website (https://www.bybit.com.hk) is operated by a different entity called Spark Fintech Limited, which is registered in Hong Kong and does not provide services related to the aforementioned cryptocurrency-related products.
Bybit has not publicly responded to this news.
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SFC
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