<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/hong-kong-watchdog-warns-bybit-over-unauthorized-crypto-services" rel="noopener noreferrer nofollow">Hong Kong Watchdog Warns Bybit Over Unauthorized Crypto Services</a><br></p>
<p style="text-align: justify">In a decisive regulatory move, the Securities and Futures Commission of Hong Kong (SFC) has flagged Bybit, an international <a href="https://en.bitcoinhaber.net/elon-musks-crypto-holdings-revealed-by-blockchain-firm" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange, for operating without a necessary Virtual Asset Trading Platform (VATP) license. As of March 14, Bybit has been added to the SFC’s watchlist, signaling heightened scrutiny over the exchange’s offerings to Hong Kong residents.</p>
<h2 id="exchange-operations-under-scrutiny">Exchange Operations Under Scrutiny</h2>
<p style="text-align: justify">The SFC’s warning encompasses 11 crypto-related products available through Bybit, highlighting the exchange’s lack of authorization to engage in regulated activities within Hong Kong. The regulator’s list includes futures, options, leveraged tokens, and investment services, all of which require a license to be legally offered to investors in the region.</p>
<p style="text-align: justify">Bybit.com and Bybit Fintech Limited, the Seychelles-registered company behind the platform, have specifically been named in the warning. It is important to note that this entity is distinct from Spark Fintech Limited, which has refrained from offering crypto services in Hong Kong and is actively seeking regulatory compliance.</p>
<h2 id="regulatory-compliance-and-licensing">Regulatory Compliance and Licensing</h2>
<p style="text-align: justify">Bybit’s affiliate, Spark Fintech Limited, has shown intent to align with local regulations by applying for a VATP license as of February 1st. Nevertheless, the SFC stresses the importance of a VATP license, as only two exchanges in Hong Kong currently hold the SFC’s approval, reflecting the region’s strict regulatory environment for digital asset platforms.</p>
<p style="text-align: justify">The regulatory ultimatum has been set; crypto exchanges in Hong Kong had until February 29 to apply for licensing or face ceasing operations by May 31. Exchanges denied a VATP must withdraw from the market within three months, underscoring the SFC’s commitment to reinforcing oversight of the cryptocurrency exchange industry in Hong Kong.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/hong-kong-watchdog-warns-bybit-over-unauthorized-crypto-services" rel="noopener noreferrer nofollow">Hong Kong Watchdog Warns Bybit Over Unauthorized Crypto Services</a></h5>

Hong Kong Watchdog Warns Bybit Over Unauthorized Crypto Services

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