The Dubai crypto exchange Bybit’s affiliate Spark Fintech Limited, has abandoned its pursuit of an operating license in Hong Kong. The affiliate withdrew its virtual asset trading platform application on May 31, exactly four months after submitting it. The decision followed the Hong Kong regulator’s classification of Bybit as an unlicensed entity, accompanied by threats of criminal sanctions. Notably, Bybit recently faced controversy related to the Notcoin (NOT) airdrop, during which it reportedly distributed $26 million to 320,000 users. Several top executives are said to have resigned as a result of this controversy.
Bybit Affiliate Withdraws Hong Kong VASP Application Months After Regulator Issued License Warning
This article was published more than a year ago. Some information may no longer be current.
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