Crypto Exchange Bybit Adds Banking Veteran to Compliance Team

Crypto derivatives Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, Bybit has appointed Daniel Lim to the post of General Counsel, following a career of over 20 years in the financial industry.

‎Lim ‎will join Bybit compliance team based out of Singapore where he will be tasked with ‎ensuring ‎adherence to the relevant rules, regulations and guidelines by which the ‎firm is bound. Given the increasingly global nature of the business and a ‎‎regulatory landscape that is constantly evolving, this is a greater challenge ‎‎now than ever before.‎

Leveraging Lim’s broad experience, the crypto exchange is adding an internal legal counsel to their team barely a few days after it ceased services to its customers from the United Kingdom. The Singapore-based cryptocurrency platform has suspended UK operations following a ban on retail derivatives trading by the Financial Conduct Authority (FCA).

As such, Bybit is taking a proactive measure with the addition of a 20-year-old banking veteran for assisting the firm in interacting with regulators, specifically in the crypto and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term side of things.

Bybit Shuttered UK Operations

Lim brings nearly two decades of experience as an attorney and legal executive including a total of 13 years tenure at global banks, ABN AMRO and HSBC. Over the past few years, he was involved in providing guidance and establishing compliance frameworks for Japanese investment bank, Daiwa Capital Markets in Singapore.

“We are pleased to welcome Lim, who brings with him exceptional expertise and foresight to our burgeoning industry. Lim will help bolster Bybit’s compliance posture in a fast-changing regulatory environment and sustain our ambition to build trust and provide value for clients around the globe,” said Ben Zhou, Co-founder and CEO of Bybit.

Bybit has shuttered its operations in the United Kingdom after the applicability of final rules banning derivatives that allow investors to take a view on the direction of the price of crypto assets. The ban affects CFDs, options and futures, as well as exchange-traded notes (ETNs) that relate to unregulated crypto assets.

The FCA estimates the prohibition would save investors £53 million ($69 million) a year in losses, but it would not force them to liquidate their existing trades. The watchdog considers these products are ‘ill-suited to retail consumers’ who cannot assess the risks of derivatives or ETNs that reference certain crypto-assets.

Citing concern over investor protection, the authorities said that even companies that sell regulated investments with an underlying cryptocurrency element will need FCA authorization to do so depending on their activities.