FTX and Bybit proactively self-regulate! They have implemented partial restrictions in response to potential regulation.
The top Bitcoin futures exchanges in terms of trading volume, Bybit and FTX, are proactively preparing for regulation by implementing restrictions on users from mainland China and Hong Kong, respectively.
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Bybit: Starting June 15, Chinese Mobile Phone Number Accounts Will Be Banned from Logging In
The exchange Bybit was founded by a team in Shanghai. According to Skew data as of 5/25, Bybit's Bitcoin futures trading volume ranks fourth, following Binance, OKEx, and Huobi.
The exchange announced on May 25 that starting at 16:00 GMT+8 on June 15, 2021, mainland China will be considered a prohibited service area. This policy is not as simple as banning Chinese IP addresses; it will restrict logins with Chinese mobile phone numbers. Users who originally registered with a phone number will no longer be able to use the service. The website offers two registration methods: mobile phone numbers and email addresses.
It is claimed that users who qualify before the deadline should complete the following: cancel all outstanding orders and close all positions. Any open positions will be liquidated at market price by the system after the restrictions take effect; clear all account balances.
FTX: New Registered Users in Hong Kong Must Be Professional Investors
According to CoinMarketCap, FTX Exchange ranked fourth in overall contract trading volume on 5/25. FTX, headquartered in Hong Kong, has implemented new measures before the regulatory exchange license in Hong Kong is under review: new users in Hong Kong must be professional investors.
Reportedly, the Hong Kong government stated in the Anti-Money Laundering Summary that "licensed virtual asset service providers can only provide services to professional investors and must implement strict guidelines to determine which virtual assets can be traded on their platforms." In Hong Kong, an individual must have assets equivalent to HK$8 million to be considered a professional investor.
FTX mentioned that this measure "only applies to residents of Hong Kong" and will not restrict existing users. Adjustments will be made according to actual regulatory measures in the future. For individual cases, customer service inquiries are welcome.
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