Bybit, one of the world’s top three crypto exchanges by volume, today announced that after careful consideration, Spark Fintech Limited, an affiliate of Bybit, has made the decision to withdraw its application for a Virtual Asset Services Providers (VASP) license with the Hong Kong Securities and Futures Commission (SFC).

DUBAI, United Arab Emirates, May 31, 2024 —  

, one of the world’s top three crypto exchanges by volume, today announced that after careful consideration, Spark Fintech Limited, an affiliate of Bybit, has made the decision to withdraw its application for a Virtual Asset Services Providers (VASP) license with the Hong Kong Securities and Futures Commission (SFC).

Effective June 1, 2024, at 00:00 GMT+8, Spark Fintech will temporarily suspend all products and services on its Hong Kong platform, except for customer withdrawals. Customers are advised to withdraw their remaining funds according to the instructions provided.

Continued Support for Hong Kong's Crypto Development

Spark Fintech remains a strong supporter of Hong Kong's development as a leading center for cryptocurrency innovation.The company is committed to working collaboratively with regulators and industry stakeholders to foster a healthy and sustainable crypto ecosystem in Hong Kong.