Dubai-based cryptocurrency exchange Bybit recently announced that it would expand its operations to Hong Kong.
Bybit Expands to Hong Kong Amidst Regulatory Crackdown in the US
There are many reasons behind the cryptocurrency exchange’s decision. Cryptocurrencies are becoming more and more widely adopted and popular. Something with high popularity will face many obstacles. One of these obstacles is the regulatory laws that governments and institutions apply to cryptocurrencies.
Bybit made the decision to move its operations to Hong Kong as a result of the US regulatory crackdown on crypto. The cryptocurrency exchange also plans to establish a Hong Kong-based research and development forum.
Applying for a License
Because of the government’s regulatory policies, Bybit was warned by the Japan Financial Services Agency. The cryptocurrency exchange plans to apply for a license for its Hong Kong operations in accordance with the government’s proposed rules.
Crypto Industry Moves to Hong Kong
Many cryptocurrency exchanges are turning to Hong Kong in the wake of strict US policies on cryptocurrencies. Hong Kong now appears to be a sizable and logical market for cryptocurrency companies. Hong Kong used to be the hub for many crypto exchanges, including BitMEX, Crypto.com, and the bankrupt cryptocurrency exchange FTX. This interest has stalled due to the Chinese government’s approach to crypto and the Covid-19 pandemic.
With the Chinese government’s improving regulations for crypto, more than 20 crypto companies, including from Europe, Canada, and Singapore, have announced that they will open businesses in Hong Kong. In addition, more than 80 crypto-focused companies have announced their interest in cryptocurrency trading in Hong Kong. These developments have raised the question of whether Hong Kong will be the new center of the crypto industry.
About Bybit
Bybit is a cryptocurrency exchange based in Dubai, United Arab Emirates, founded in 2018 by Ben Zhou. The platform supports more than 270 cryptocurrencies in more than 160 countries and has more than 10 million users worldwide. The cryptocurrency exchange is characterized by 24/7 customer support, AI-powered trading bots, security, and top-tier liquidity.
Leave a comment