- Bybit has withdrawn its utility for a crypto-asset buying and selling platform license in Hong Kong.
- Different main exchanges corresponding to Binance, OKX and Gate.io's HTX face an analogous destiny.
- There’s hypothesis that the Hong Kong Inventory Trade (SFC) could also be hesitant to grant licenses to offshore exchanges at the moment.
Bybit, a number one digital asset buying and selling platform (VATP), has withdrawn its utility for a license to function in Hong Kong, becoming a member of the rising listing of worldwide platforms which have failed to realize regulatory approval.
The trade initially submitted its utility to the Hong Kong Securities and Futures Fee (SFC) on Jan. 31, 2024, however formally withdrew it on Could 31, in response to the newest itemizing on the SFC's web site.
Bybit's withdrawal mirrors a sample seen at different main exchanges, together with Binance, Gate.io and HTX, whose functions have been returned, rejected or withdrawn.
Market observers have speculated that the Hong Kong Securities Regulatory Fee could also be hesitant to grant licenses to offshore exchanges, however no official assertion has been made to substantiate the rumors.
The SFC maintains a listing of VATP candidates whose licence functions have been eliminated for a wide range of causes, together with incomplete submissions, unresolved underlying points, voluntary withdrawal by the applicant, and so on. Latest removals embrace the functions of Gate Digital Restricted (Gate.io) and OKX, which had their functions withdrawn on 22 Could 2024 and 24 Could 2024, respectively.
The SFC additionally printed a listing of licensed digital asset buying and selling platforms, though the regulator made it clear that it doesn’t assure the efficiency or trustworthiness of the platforms. The listing consists of corporations corresponding to OSL Digital Securities and Hash Blockchain, which have been formally licensed to function in Hong Kong since 2020.
Bybit’s withdrawal of its utility and the obvious pattern of offshore exchanges having issue acquiring Hong Kong licenses might sign elevated regulatory oversight within the area.
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