On 31 May, the Hong Kong Securities and Futures Commission also included Bybit’s application in the list of applicants whose license applications have been rejected, refused, or withdrawn, indicating that Bybit has withdrawn its application for a Hong Kong license, similar to OKX. According to industry sources, the reason why multiple offshore exchanges have abandoned their Hong Kong license is due to Hong Kong’s requirement to clear out mainland Chinese users.
Broker suspends client use of Bybit, Bloomberg reports Hidden Road withdraws Hong Kong application based on KYC and anti-money laundering factors