Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has raised concerns about Bybit, a cryptocurrency exchange, despite its local subsidiary, Spark Fintech, seeking a crypto exchange license.
The SFC included Bybit in its roster of questionable virtual asset trading platforms and identified 11 of its offerings as suspicious. These include Futures Contracts, Inverse Futures Contracts, Options, Leveraged Tokens, Dual Asset, Dual Asset 2.0, Shark Fin, Liquidity Mining, ETH 2.0 Liquid Staking, Web3 Staking, Lending, and Wealth Management, all of which have drawn the SFC’s scrutiny.
It’s important to note that no entity within the Bybit group holds a license or registration from the SFC to engage in regulated activities in Hong Kong.
In response, Bybit stated it cannot discuss specific products or regulatory inquiries but assured that certain products are not accessible in the Hong Kong market to comply with local regulations.
Bybit was added to the list of Suspicious Virtual Asset Trading Platforms and Suspicious Investment Products Alert Lists on March 14, 2024. The SFC cautions investors against engaging with unlicensed entities, as seeking remedies in case of issues may be challenging, and legal recourse may be limited.
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