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Bybit Plans to Apply for License Again in HK in 1H25, Luring Mainland Tech Firm Talent
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Ben Zhou, co-founder and CEO of the virtual asset trading platform Bybit, said the company aims to re-submit its application for a Hong Kong license in 1Q25 or 1H25, with the target of enticing talent from major mainland tech firms like BABA-W (09988.HK) and TENCENT (00700.HK) after the compliance. Zhou added that the license application was withdrawn in 1H24 because among which one of the ROs was considered to have a conflict of interest a week before the new framework, and the license application was withdrawn when no replacement of RO could be found. The company has already applied for a license in Singapore, which is expected to be approved in 2025, and is also applying for virtual real estate-related licenses in Indonesia, Malaysia and Thailand. After soliciting legal advice, the platform will not open RMB business. Since there is no RMB business, there will not be many mainland identity users for the company after the relaxation of KYC authentication. In addition, the platform does not have any US business as well and will make a decision after the new chairman of the US Securities and Exchange Commission assumes office. It has no plan to enter the US market, and the current priority is to obtain a license in Europe. AAStocks Financial News |
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