Taiwanese exchange Rybit announced the suspension of its platform services for individual users starting from August 23rd. The change of ownership took place in early July.

The Taiwan-based exchange Rybit recently announced a major decision to reevaluate the future market direction and temporarily suspend services for individual users. This move will impact many users of the platform, but Rybit emphasizes that user rights will be safeguarded and they will assist in securely transferring assets.

Financial Supervisory Commission (FSC) imposes fines and announces a reassessment of company direction

Rybit Limited was fined NT$1.02 million on August 1, 2024, for violating anti-money laundering laws and regulations related to personal data protection.

FSC fines VASP for the second time: Rybit's lack of anti-money laundering measures results in a penalty of NT$1.02 million

On August 5th, Rybit announced that after a comprehensive evaluation, they have decided to adjust their steps and reconsider the future direction of the company, suspending platform services for individual users. While this decision may come as a surprise to many users, Rybit assures that all necessary measures will be taken to ensure the safe transfer of user assets.

The announcement stated: "We hereby announce that starting from August 23, 2024, we will suspend the current platform services for individual users, including the deposit and withdrawal of New Taiwan Dollars and cryptocurrencies, as well as other platform services."

Rybit: Ensuring User Rights

Rybit has published a detailed announcement on their official website explaining how to assist users in transferring their assets. The company will notify all users through emails and push notifications to remind them to transfer the assets in their Rybit accounts. Users with any questions can refer to the FAQ section in the announcement or contact customer service through the official LINE@rybit account.

Rybit revealed the subsequent arrangements: "After midnight on August 23, 2024, we will take a snapshot of all user balances. If there are assets that have not been transferred out, we will inform the withdrawal methods through email and proceed with manual clearing operations. Withdrawals may not be immediate, so it is recommended to withdraw or transfer assets within the specified period."

Rybit Changed Responsible Person in July

According to Rybit's company registration, on July 12, 2024, Rybit's founder and CEO, Lai Yongchun, was replaced by the current responsible person, Li Shengwei.

Following Binance, Rybit Suspends Services

Earlier, among the VASPs in Taiwan that passed the anti-money laundering declaration, Binance Exchange ceased operations due to its involvement in the 88 Guesthouse case. Now, after receiving a mild penalty from the FSC, Rybit has also decided to suspend its services.