ByBit is a crypto exchange that has been granted the Minimum Viable Product (MVP) Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA), following the Provisional License it received in March 2022, has been noted as a “suspicious virtual asset trading platform” by the Hong Kong Securities and Futures Commission (SFC).
According to the HK SFC:
“The entity is a virtual asset trading platform operating at the above website and by a Seychelles company, namely Bybit Fintech Limited, and is suspected of conducting unlicensed activities.”
The notice was posted yesterday (March 14, 2024). A suspicious platform is described as a virtual asset trading platform that appears to operate in Hong Kong or target Hong Kong investors but not have a licence to provide virtual asset service or carry out regulated activities in the city. It is unlikely that SFC will take any action beyond the notice.
Currently, ByBit is a centralized crypto exchange that happens to be one of the largest in the world. According to CoinmarketCap, it is currently #3 by volume, following Binance and Coinbase. The company is registered in the British Virgin Islands as Bybit Fintech Limited and is said to be headquartered in Dubai – although SFC points to Seychelles.
ByBit offers crypto, including NFTs, derivatives, loans, an earn program, and more.