December 05, 2024
By Our Correspondent
Bybit, recognized as one of the most frequented cryptocurrency exchanges globally, intends to reapply for a virtual asset trading license in Hong Kong, potentially as early as the first quarter of the upcoming year.
However, Ben Zhou, co-founder and CEO of Bybit, clarified that the exchange is not specifically focusing on the local market. He noted that obtaining a license within the Chinese market would facilitate the recruitment of talent from major technology firms such as Alibaba and Tencent, thereby supporting the company’s long-term growth.
The firm anticipates resubmitting its application in Hong Kong during the first quarter or the first half of next year.
Bybit had previously withdrawn its initial application in June, with Zhou explaining that the company discovered one of its officers had not resigned from their directorship at a former exchange prior to joining Bybit.
In March, the Securities and Futures Commission categorized Bybit as a suspicious virtual asset trading platform. Regarding the recent rise in cryptocurrencies following Donald Trump’s electoral success, Zhou stated that Bybit will monitor how the new chairperson of the Securities and Exchange Commission approaches the situation after assuming office.
