FX168 Financial News Agency (Hong Kong) News Hong Kong Securities and Futures Commission (SFC) on Thursday (March 14) launched an unusual action, the large offshore exchange Bybit added to the warning list, and a variety of products on the exchange in the list of suspicious investment products. The authorities said that investors were at risk of losing their entire investment and would not hesitate to take enforcement action.

This is unusual as Bybit's Hong Kong subsidiary is currently in the process of applying for a license.

The Hong Kong SFC warned the public that Bybit does not have a license.

(Source: SFC)

Bybit offers trading services in various jurisdictions for cryptocurrency-related products that the SFC has expressed concerns about, including Bybit futures contracts, reverse futures contracts, options, leveraged tokens, binary assets, binary assets 2.0, shark fin financial products, liquidity mining, ETH 2.0 liquidity pledges, Web3 pledges, lending and asset management.

(Source: SFC)

Regulators have told the cryptocurrency media that "investors may be at risk of losing their entire investment, and seeking recourse from entities with no ties to Hong Kong may be difficult."

Hong Kong is trying to strike a balance between protecting investors and making the jurisdiction crypto-friendly in order to realize its goal of becoming a global cryptocurrency hub.

Earlier this month, the Hong Kong Securities and Futures Commission (SFC) issued a warning to another major crypto exchange, BitForex.

"The SFC is concerned that these products have also been made available to Hong Kong investors and wishes to make it clear that no entity in the Bybit Group is licensed by or registered with the SFC to conduct any regulated activity in Hong Kong," the SFC said.

Source : https://www.fx168news.com/article/564465

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