Bybit exchange cautioned by Hong Kong regulators

Hong Kong’s Securities & Futures Commission (SFC) has added cryptocurrency exchange Bybit to its warning list as of March 14. The SFC issued a public warning about Bybit, an unlicensed virtual asset trading platform that offers crypto-related products in multiple jurisdictions. The warning includes 11 products offered by Bybit, such as Bybit Futures and Bybit Options. The SFC emphasized that no entity in the Bybit group is licensed or registered with the SFC to conduct any regulated activity in Hong Kong. Crypto-related products in Hong Kong must be licensed by the SFC before they can be offered to residents. The warning specifically refers to Bybit.com and its Seychelles-registered owner Bybit Fintech Limited, which is different from the domain Bybit.com.hk owned by Spark Fintech Limited. Bybit is currently seeking a virtual asset trading operator license in Hong Kong. Only two crypto exchanges in Hong Kong are licensed by the SFC, including OSL exchange and HashKey Exchange. The deadline for crypto exchanges to file for a license application has passed, and unlicensed firms must cease operations in Hong Kong by May 31.