Bybit may reapply for trading license

Themis Qi

Bybit, one of the world's most visited crypto exchanges, plans to reapply for a virtual asset trading license in Hong Kong as early as the first quarter of next year.

But Bybit co-founder and chief executive Ben Zhou said the exchange is not targeting the local market as such.

He explained that a license in the Chinese world will help attract talent from tech giants including Alibaba (9988) and Tencent (0700), which will help its long-term development.

The company expects to resubmit the application in Hong Kong in the first quarter or the first half of next year.

Bybit withdrew its first attempt in June, and Zhou explained yesterday that the company had found one of its officers did not cancel the directorship in the former exchange after switching to Bybit.

The Securities and Futures Commission listed Bybit as a suspicious virtual asset trading platform in March.

Commenting on the surge in crypto currencies on the back of Donald Trump's victory, Zhou said Bybit will wait to see how the new Securities and Exchange Commission chairperson handles things after taking office.

Bitcoin has risen 38 percent since Trump won the presidential race on November 5, and is currently trading at US$94,944 (HK$740,563) apiece.