Prominent crypto derivatives exchange, Bybit has appointed Daniel Lim as General Counsel. He has over 20 years of experience in the financial industry. ‎Lim ‎will join Bybit compliance team based out of Singapore to assure ‎compliance to the applicable rules, regulations, and guidelines the firm is supposed to follow. Adhering to the relevant laws is a more significant challenge as the regulatory landscape is continually evolving. Leveraging Lim’s broad expertise, the crypto exchange adds internal legal counsel to its team almost a few days after it halted services for its consumers from the United Kingdom.
Lim has two decades of experience as an attorney and legal executive. It involves a total of 13 years of tenure at global banks, ABN AMRO and HSBC. Moreover, he also offered guidance and established frameworks for a Japanese investment bank, Daiwa Capital Markets, in Singapore. Ben Zhou, the CEO and the Co-founder of Bybit, advocates that Lim will reinforce the firm’s compliance posture in what he views as a rapidly transforming regulatory landscape.
Bybit suspends its services in the U.K.
Furthermore, Bybit has closed its operations in the U.K. This move comes after the applicability of ultimate rules outlawing derivatives that enable investors to view the direction of the price of crypto assets. Furthermore, consumers have until March 31 to terminate trading positions and withdraw their funds from the platform. The decision came following a ban on retail derivatives trading by the Financial Conduct Authority (FCA). Moreover, the ban hits CFDs, options and futures, and exchange-traded notes (ETNs) related to unregulated crypto assets.
As per FCA, the ban would save investor’s $69 million a year in loses. However, it would not compel them to liquidate their prevailing trades. The regulator believes these products are ill-suited to retail consumers who cannot evaluate the risks of derivatives or ETNs that reference certain crypto-assets. The watchdog further added that even companies that sell regulated investments with an underlying crypto element would need FCA authorization to do so.
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