Hong Kong Regulator Flags Bybit as 'Suspicious' Crypto Exchange
A Bybit spokesperson responded, stating that they are unable to comment on specific products or regulatory inquiries at this time.
The Securities and Futures Commission (SFC) of Hong Kong has categorized Bybit, a cryptocurrency exchange, as a "suspicious" crypto trading platform. This classification comes despite the fact that Bybit's local entity, Spark Fintech, had earlier submitted an application for a crypto exchange license in Hong Kong, per The Block report.
In an update on Thursday, the SFC listed Bybit among suspicious virtual asset trading platforms and identified 11 products offered by Bybit as suspicious. These products include various futures contracts, options, leveraged tokens, and other investment instruments.
The SFC expressed concern that these products had been offered to investors in Hong Kong without proper authorization. It emphasized that no entity within the Bybit group is licensed or registered with the SFC to conduct regulated activities in Hong Kong.
A Bybit spokesperson responded, stating that they are unable to comment on specific products or regulatory inquiries at this time. They clarified that different products are listed for various regions to comply with local requirements and assured that the mentioned products are not available in the Hong Kong market.
The SFC pointed out that the activities flagged were conducted by bybit.com, operated by Bybit Fintech Limited, a company based in Seychelles. This is separate from the website bybit.com.hk, managed by Spark Fintech Limited, a Bybit entity incorporated in Hong Kong.
