The regulators in Hong Kong have imposed a ban on the activities of the cryptocurrency trading platform Bybit, placing it on a "warning list." This decision came after the local branch of Bybit attempted to obtain a license but faced the threat of closure due to its offshore structure. The Securities and Futures Commission (SFC) of Hong Kong warned that Bybit is an unlicensed platform for trading virtual assets, offering cryptocurrency products illegally.

The regulator expressed concerns about several services provided by Bybit, including futures contracts, options, leveraged tokens, Web3 staking, lending, liquidity mining, ETH 2.0 staking, dual assets, and capital management. It was also noted that the dissemination of advertisements or invitations to participate in these products could lead to legal prosecution and criminal sanctions.

The SFC urges users to avoid investing through unlicensed platforms, warning of the risk of losing investments in case of platform closure, bankruptcy, or illegal appropriation of digital assets.