The country of Hong Kong has been in discussion for the past few days. The country's Securities and Futures Commission (SFC) has for the past few months asked all the exchanges in the country to apply for accreditation within a certain period and also announced that the application would be followed by the accreditation of those exchanges through due diligence and also that All exchanges that fail to apply have been asked to cease trading. However, the country's Securities and Exchange Futures Commission recently added ByBit to its list of suspicious virtual asset trading platforms. They said their country's list of crypto exchanges listed ByBit as suspicious. and put it on the suspect list as well as issued a public warning about unlicensed operations.
A warning about this was published yesterday. The Hong Kong Securities and Futures Commission, after issuing an alert, said the platform was operating unlicensed activities in the country and the Hong Kong-based agency expressed concern that ByBit offered its products to Hong Kong investors. This exchange site is not yet legalized in the country so it is an unlicensed operation which is against their laws. Therefore, according to the Hong Kong Securities and Futures Commission, none of the entities operating under the Bybit Group have received the necessary licenses to conduct regulated activities in Hong Kong.
The warning that the regulatory agency has currently issued relates to a number of ByBit products. These products include futures contracts and inverse futures contracts, options, leveraged tokens, liquidity mining, staking, lending and asset management, among others. Some of these categories include multiple products. The country's regulatory agency has also put several assets on its suspect list, in addition to issuing warnings. The warning listed Bybit Dual Asset, a short-term trading tool, and Bybit Shark Fin, a guaranteed income service, on the suspect list. However, the list they have published and the products they have placed on the suspect list is currently separate from the country's Securities and Futures Commission's list of virtual asset trading platforms.
The country has for the past several months allowed exchanges operating in the country's domestic market to apply for accreditation, which ended on the 29th of last month. And called on exchanges that failed to apply to cease trading operations. Even by the middle of this year, all these exchanges will be declared completely illegal and the entire business has been announced to stop in the country. Otherwise those exchanges must pay penalty. However, the ByBit exchange site has recently been put on a suspect list and is also being told that offering unlicensed crypto-related products in Hong Kong, including futures contracts and services, is a criminal offence. Since they were asked to apply for approval and failed to do so, it is equally a criminal offense to promote those products without approval.
ByBit is currently a very popular exchange site and is currently the third largest centralized crypto exchange in the world. Especially its market cap and trading volume is currently more than $7 billion which indicates the trading volume in the last 24 hours. The Hong Kong Securities and Futures Commission has issued warnings as well as warned investors in the country that individuals who rely on unlicensed services may lose their investments. If a service ceases to function, breaks down or abuses its users' resources. If any investor is interested in these investments then they can be included in the victim list. Those victims are likely to find it difficult to seek recourse against services not connected to Hong Kong, the country's regulator said. Therefore, the country's regulatory body issued a warning to the popular exchange site Bybit and warned the country's investors to be careful about all these things. However, if you want to know more details about it, then you can read this news .
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