Crypto News - Hidden Road Denies Users Access to Crypto Exchange Bybit
Cryptocurrencies: 16,956     Votes This month: 1,801,209     Newborn Cryptocurrencies: 856,336     Supported chains: 24
 


Main Page News Crypto News - Hidden Road Denies Users Access to Crypto Exchange Bybit
   

Hidden Road Denies Users Access to Crypto Exchange Bybit

30.05.2024, 03:31   29
Hidden Road Denies Users Access to Crypto Exchange Bybit

Hidden Road, a Citadel Securities-backed brokerage firm has reportedly ceased access to crypto exchange Bybit for its clients. According to reports, the dispute centers on know-your-customer (KYC) and anti-money laundering (AML) procedures.

Implementation of the decision comes after Hidden Road informed its clients a few weeks ago about the matter, according to sources close to the developments.

The disagreement between the two firms over Bybit’s KYC and anti-laundering stance and exact understanding of what transpired is still unclear.

According to Bloomberg which cited anonymous sources, Bybit has begun a “comprehensive compliance review” of its brokerage business. This comes as regulators have been increasing scrutiny on crypto exchanges, a decision that followed Binance and CZ’s agreement with the U.S DOJ for failing to fully comply with the anti-money laundering laws.

Binance later asked prime brokers like FalconX and Hidden Road to run tighter checks after the crypto exchange’s historic $4.3 billion settlement with U.S authorities last year.

“Bybit will not comment on specific inquiries related to counterparties. However, the company is committed to transparency and will provide further updates as the review progresses,” a Bybit spokesperson said.

The glitch has knocked on some users, while some clients are disgruntled as they prefer to access crypto with “trusted companies or brokers.”

Regulators in the U.S, for instance, the SEC have accused Binance of letting U.S-based clients trade on the international exchange through offshore entities, without observing the essential controls required by US law.

Now, Binance.US, CZ, and other crypto exchanges have experienced growth in market size ever since the lawsuit and an investigation against Binance.

OKX and Bybit have reportedly recorded a spike in crypto trading, buoyed by firm demand. Crypto companies and exchanges also moved offshore within tough regulation across the continent.

Hidden Road offers prime brokerage services for digital asset markets and foreign exchange. According to another Bloomberg report, the firm was looking at raising $120 million in a series B equity round last month.

Cryptopolitan reporting by Enacy Mapakame



Recently Listed Newborn Tokens
# Token Price 5m 1h TXNS Vol(24h) Liquidity Audit Deployed
1
CHRIST TAKES OVER CTO
$0.0...02534   Solana
0.00% 0.00% 1 $0.37
$4.8K
Audit
3 weeks ago
2
ShatCoinSOl SHAT
$0.0...01783   Solana
0.00% 0.00% 1 $0
$36
Audit
3 weeks ago
3
Pevil the Sinful PEVIL
$0.0...04687   Solana
0.00% 0.00% 1 $1.32
$6.7K
Audit
3 weeks ago
4
Satoshi Nakamoto SATOSHI
$0.0...02119   Solana
0.00% 0.00% 1 $2.9
$69
Audit
3 weeks ago
5
LUCKYDUCK LCKY
$0.0...01050   Solana
0.00% 0.00% 1 $0.06
$1.4K
Audit
3 weeks ago
6
Catlin Jinir $CATLIN
$0.0...06012   Solana
0.00% 0.00% 1 $0.15
$1K
Audit
3 weeks ago
7
D_TrumpSol TRUMP
$0.0...01618   Solana
0.00% 0.00% 1 $0
$315
Audit
3 weeks ago
8
PINK PINK
$0.0...03326   Solana
0.00% 0.00% 1 $0
$49
Audit
3 weeks ago
9
saheel SAHEEL
$0.0...02615   Solana
0.00% 0.00% 1 $0.83
$5.1K
Audit
3 weeks ago
10
Block Cat BCAT
$0.0...01137   Solana
0.00% 0.00% 1 $0
$216
Audit
3 weeks ago
11
Soulja Boy SOULJA
$0.0...04364   Solana
0.00% 0.00% 1 $0
$7.1K
Audit
3 weeks ago
12
Soulja Boy SOULJA
$9.99   Solana
0.00% 0.00% 1 $0
$3.1M
Audit
3 weeks ago
13
Tama TAMA
$0.0...02573   Solana
0.00% 0.00% 1 $6.71
$3.2K
Audit
3 weeks ago
14
The Jenners JENNERS
$0.0...02806   Solana
0.00% 0.00% 1 $5.62
$5.5K
Audit
3 weeks ago
15
Burt Jenner BURT
$0.0006656   Solana
0.00% 0.00% 1 $0.17
$1.3K
Audit
3 weeks ago