As a researcher with a background in finance and experience following the crypto market, I find the situation between Hidden Road and Bybit concerning. The decision by Hidden Road to prevent its clients from accessing the third-largest crypto exchange is causing dissatisfaction among users. The exact nature of the disagreement between the two companies over Bybit’s know-your-customer (KYC) and anti-money laundering (AML) requirements remains unclear, but it comes at a time when regulators are increasing scrutiny over crypto exchanges.
As a financial analyst, I’ve uncovered new information concerning Hidden Road, a prime brokerage firm backed by Citadel Securities. According to my sources, Hidden Road has recently terminated the provision of services to its clients allowing them access to the third-largest crypto exchange, Bybit. This decision reportedly stems from disagreements between the two parties regarding Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations imposed by Bybit.
Bybit Users Face Major Blow in Dispute With Hidden Road
As a researcher looking into recent developments between Hidden Road and Bybit, I’ve come across information that Hidden Road disclosed its intent to restrict access to Bybit about a few weeks back, according to Bloomberg’s report. Unfortunately, the specific details regarding the disagreement between these two entities concerning Bybit’s know-your-customer (KYC) and anti-money laundering (AML) regulations have yet to be made clear.
Bybit initiated a thorough examination of its prime brokerage operations in response to intensified regulatory oversight of cryptocurrency exchanges. Following Binance‘s record-breaking $4.3 billion settlement with U.S. authorities over alleged violations of anti-money laundering and sanctions laws, the crypto exchange requested that prime brokers such as Hidden Road and FalconX implement stricter verification processes, effectively barring U.S. investors from accessing Binance.
As a researcher examining Bybit’s response to certain queries regarding their counterparties, I’ve come across this statement: “At present, Bybit declines to discuss specific inquiries concerning our business partners. Yet, we prioritize transparency and intend to share more details as the investigation unfolds.”
Although the problem under consideration affected a limited number of individuals, it resulted in client disappointment as users generally favored transacting cryptocurrencies through reputable firms or intermediaries.
Bybit’s Market Share Rise Amid Binance’s Struggles
US regulatory bodies, such as the SEC, have charged Binance with enabling American clients to utilize its international platform via offshoot entities, allegedly without adhering to the essential legal controls applicable to US transactions.
As a crypto investor, I’ve noticed an interesting development in the market recently. With Binance, Binance.US, and CZ facing lawsuits and investigations, other crypto exchanges have seen their market share grow significantly. For instance, OKX and Bybit have experienced a surge in crypto trading, driven by increased demand during this bull market. In fact, some crypto companies and exchanges have even chosen to relocate offshore as they grapple with stringent regulations here in the United States.
- Mastercard Crypto Credential Service Goes Live
- Ethereum ETF To Grab Only 20% Of Spot Bitcoin ETF Flows
- Shiba Inu Takes Over Cardano With Today’s Surge: What’s Next?
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- EUR KRW PREDICTION
- USD PHP PREDICTION
- RARE PREDICTION. RARE cryptocurrency
- NLS PREDICTION. NLS cryptocurrency
- Call of Duty: MW3 and Warzone Season 5 Reloaded Update Patch Notes Revealed
- BCH PREDICTION. BCH cryptocurrency
2024-05-29 20:20