Bybit Pulls Out of Hong Kong as Regulatory Hurdles Mount for Crypto Industry
- Bybit has withdrawn its application for a virtual asset trading platform license in Hong Kong.
- Major exchanges like Binance, OKX, and Gate.io’s HTX have also faced similar fate.
- Speculation arises that the Hong Kong SFC may be hesitant to grant licenses to offshore exchanges at this time.
Bybit, a leading Virtual Asset Trading Platform (VATP), has withdrawn its application for a license to operate in Hong Kong, joining a growing list of international platforms unable to secure regulatory approval.
The exchange initially submitted its application to the Hong Kong Securities and Futures Commission (SFC) on January 31, 2024, but formally withdrew it on May 31, according to an updated list on the SFC’s website.
Bybit’s withdrawal mirrors a pattern seen with other major exchanges, such as Binance, Gate.io, and HTX, whose applications have been either returned, rejected, or withdrawn.
Market insiders speculate that the Hong Kong SFC may be hesitant to grant licenses to offshore exchanges, although no official statement has been made to confirm these rumors.
The post Bybit Pulls Out of Hong Kong as Regulatory Hurdles Mount for Crypto Industry appeared first on Coin Edition.
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Bybit Pulls Out of Hong Kong as Regulatory Hurdles Mount for Crypto Industry
- Bybit has withdrawn its application for a virtual asset trading platform license in Hong Kong.
- Major exchanges like Binance, OKX, and Gate.io’s HTX have also faced similar fate.
- Speculation arises that the Hong Kong SFC may be hesitant to grant licenses to offshore exchanges at this time.
Bybit, a leading Virtual Asset Trading Platform (VATP), has withdrawn its application for a license to operate in Hong Kong, joining a growing list of international platforms unable to secure regulatory approval.
The exchange initially submitted its application to the Hong Kong Securities and Futures Commission (SFC) on January 31, 2024, but formally withdrew it on May 31, according to an updated list on the SFC’s website.
Bybit’s withdrawal mirrors a pattern seen with other major exchanges, such as Binance, Gate.io, and HTX, whose applications have been either returned, rejected, or withdrawn.
Market insiders speculate that the Hong Kong SFC may be hesitant to grant licenses to offshore exchanges, although no official statement has been made to confirm these rumors.
The post Bybit Pulls Out of Hong Kong as Regulatory Hurdles Mount for Crypto Industry appeared first on Coin Edition.
Read More
Animoca, Standard Chartered, and HKT Form Joint Venture to Seek HKMA Stablecoin License