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FinTelegram

September 15, 2023

Crypto Exchange Bybit To Withdraw From UK Because Of Regulatory Scrutiny!

Bybit, one of the world's largest crypto exchange operators, anticipates withdrawing from the United Kingdom in anticipation of forthcoming marketing regulations. These new rules, scheduled to take effect in the coming weeks, are poised to impose more stringent requirements on crypto-related marketing practices. Ben Zhou, co-founder and CEO of Bybit, commented: "We do see regulation becoming more strict."

August 21, 2023

Krypto Payment Processor Mercuryo Impresses With Strong Growth!

Russian crypto payment processor Mercuryo has shown impressive growth in July 2023. Similarweb said website visitors increased by more than 52% to around 630,000 in July. The number of visitors from Norway was particularly strong, with more than 18% coming. The number of visitors from the United States and Canada also rose sharply. Mercuryo's customers mainly include crypto platforms such as MetaMask, ByBit, OKX, or Poloniex.

July 3, 2023

Greylisted UAE, Their Dangerous Crypto-Friendly Approach, And What It Means For Investors!

In March 2022, the United Arab Emirates (UAE) was designated as a high-risk country by the global financial crime watchdog Financial Action Task Force (FATF) and added to their “grey list” of countries subject to increased monitoring to counter financial crime. Despite the greylisting, many crypto companies such as Binance have set up shop in Dubai in recent months. Lured by the crypto-friendly regulation. This is dangerous for all other regulatory regimes, merchants, and consumers.

May 10, 2023

101 Crypto Ecosphere: Crypto Exchanges And Their Payment Processors!

To map the worldwide crypto scene is an impossible task. One encounters a practically opaque network of crypto exchanges such as Binance, ByBit, KuCoin, BitGet, etc., and connected payment processors such as Advcash or Mercuryo. For example, the FIAT transactions of the crypto exchanges are processed via the latter. Of course, this is a very simplified representation. But you have to start somewhere. The "101 Crypto Ecosphere" chart shown above is such a start.

May 2, 2023

Despite Regulatory Issues: Crypto Exchange ByBit With Rising Number Of Russian Website Visitors!

Founded in 2018 in the British Virgin Islands, crypto exchange ByBit is currently operated through Singapore-registered ByBit Fintech Limited. In the UK, ByBit has cashed in on an FCA warning and withdrawn from the UK. German regulator BaFin announced an investigation into ByBit in July 2021. In 2023, Japan's regulator FSA warned against the crypto exchange. Despite Western sanctions, Similarweb analysis shows that most website visitors come from Russia.

Crypto-Exchange

March 5, 2023

Troubled U.S. Crypto Industry! ByBit Suspends US Dollar Deposits Via Bank Transfer!

Dubai-based crypto exchange Bybit has suspended United States dollar deposits via bank transfers (including SWIFT) in response to “service outages from a partner,” the company announced via a blog post and on Twitter. However, customers can continue to deposit USD via the Advcash Wallet or buy cryptocurrencies with a credit card on ByBit's One-Click Buy page. Funds can be withdrawn through wire transfers until March 10.

September 8, 2022

The Disastrous Trustpilot Ratings Of Crypto Exchanges And The Exceptions CEX, Oobit, And BitPanda!

The well-known crypto exchanges like Coinbase, Binance, Crypto.com, or FTX seem to have a problem with their customers. On Trustpilot, most of the top crypto exchanges have scam ratings with customers complaining about unfounded blocked accounts and problems with customer service. Exceptions are CEX.io, Oobit, or BitPanda, which stand out like a lighthouse on Trustpilot. With 4.7-stars and 4.1-stars respectively, CEX.io and BitPanda apparently perform incredibly better than their international competitors.

Compliance

March 7, 2021

Crypto-trading gamification platform Bybit terminates UK business after FCA warning

Bybit is a leader in the gamification of crypto trading. FinTelegram published an initial review on Singapore-based crypto-derivate trading platform Bybit (www.bybit.com) of Ben Zhou a few days ago. In this context, we also reported on an investor and scam warning issued by the UK Financial Conduct Authority (FCA) against Bybit. In October, the FCA had issued a ban on the sale of crypto derivatives to UK retail investors or consumers. In a recent blog post, Bybit has now announced the suspension of services to UK customers.

February 28, 2021

Bybit Review – Unregulated crypto trading platform earned itself an FCA warning

The UK FCA recently issued an investor alert against Bybit (www.bybit.com). This is an unregulated crypto trading platform in existence since 2018 that claims to have more than 1.2M users and is operated by Bybit Fintech Limited, registered in the British Virgin Islands. Dun & Bradstreet presents Ben Zhou, a Singapore resident, as the key principal who describes himself on his LinkedIn profile as Co-Founder and CEO of Bybit. While it may not be the best crypto trading platform, it has no regulatory permission, which is a serious violation but doesn't seem to be a fraud. However, be very cautious!