Suspicious Archives - Coin Engineer https://coinengineer.net/blog/tag/suspicious/ Btc, Coins, Pre-Sale, DeFi, NFT Fri, 15 Mar 2024 14:20:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Suspicious Archives - Coin Engineer https://coinengineer.net/blog/tag/suspicious/ 32 32 Hong Kong Flags Bybit as “Suspicious” Crypto Exchange https://coinengineer.net/blog/hong-kong-flags-bybit-as-suspicious-crypto-exchange/ https://coinengineer.net/blog/hong-kong-flags-bybit-as-suspicious-crypto-exchange/#respond Fri, 15 Mar 2024 19:45:52 +0000 https://coinengineer.io/blog/?p=15548 Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has classified Bybit, a major cryptocurrency exchange, as a “suspicious” platform. Bybit Added to SFC’s Suspicious Platform List On Thursday, the SFC updated its list of “suspicious virtual asset trading platforms” to include Bybit. Additionally, the regulator identified 11 specific Bybit products as “suspicious.” Suspicious

The post Hong Kong Flags Bybit as “Suspicious” Crypto Exchange appeared first on Coin Engineer.

]]> Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has classified Bybit, a major cryptocurrency exchange, as a “suspicious” platform.

Bybit Added to SFC’s Suspicious Platform List

On Thursday, the SFC updated its list of “suspicious virtual asset trading platforms” to include Bybit. Additionally, the regulator identified 11 specific Bybit products as “suspicious.”

Suspicious Bybit Products Listed

The SFC’s website details the following Bybit products as raising concerns:

  • Bybit Futures Contracts and Inverse Futures Contracts
  • Bybit Options
  • Bybit Leveraged Tokens
  • Dual Asset & Dual Asset 2.0
  • Bybit Shark Fin
  • Liquidity Mining
  • ETH 2.0 Liquid Staking
  • Bybit Web3 Staking
  • Bybit Lending
  • Bybit Wealth Management

SFC Statement Raises Concerns About Hong Kong Investors

The SFC expressed concern that these Bybit products might have been offered to investors in Hong Kong. They emphasized that no entity within the Bybit group currently holds the necessary licenses or registrations from the SFC to conduct any “regulated activity” within Hong Kong’s jurisdiction.

Bybit Responds: Product Availability Based on Region

Bybit offered a limited statement when contacted by The Block. They acknowledged being unable to comment on specifics regarding products or regulatory inquiries. However, Bybit emphasized that their product offerings are tailored to comply with local regulations in different regions. They assured users that the flagged products are not accessible within the Hong Kong market.

License Application Under Review

The SFC clarifies that the suspicious activities were conducted by bybit.com, operated by Bybit Fintech Limited, a Seychelles-based company. This is separate from bybit.com.hk, a website managed by Spark Fintech Limited, Bybit’s Hong Kong entity.

Significantly, the SFC applicant list confirms that Spark Fintech submitted a license application in January to operate as a “virtual asset trading platform.”

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post Hong Kong Flags Bybit as “Suspicious” Crypto Exchange appeared first on Coin Engineer.

]]> https://coinengineer.net/blog/hong-kong-flags-bybit-as-suspicious-crypto-exchange/feed/ 0