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Bybit appoints new normal counsel to guide world cryptocurrency compliance

03/09/2021

Daniel Lim will lead Bybit’s authorized and compliance workforce, following an appointment scorching on the heels of Bybit’s U.Okay. shutdown.

Cryptocurrency derivatives alternate Bybit has appointed a brand new normal counsel to guide the agency in its world compliance issues, and to supervise its authorized workforce.

Daniel Lim, previously head of authorized and compliance for the Singapore-based funding financial institution, Daiwa Capital Markets, was introduced within the new position on March 9. Lim joins Bybit shortly after the alternate was pressured to shut down operations in the UK, following the FCA’s blanket ban on retail crypto derivatives buying and selling.

Co-founder and CEO of Bybit, Ben Zhou, stated Lim was appointed to bolster the agency’s “compliance posture,” in what he sees as a quickly altering regulatory panorama. 

“We’re happy to welcome Daniel, who brings with him distinctive experience and foresight to our burgeoning business,” stated Zhou, including, “Daniel will assist bolster Bybit’s compliance posture in a fast-changing regulatory setting and maintain our ambition to construct belief and supply worth for shoppers across the globe.”

Previous to his position at Daiwa Capital, Lim spent 10 years serving as senior authorized counsel at Dutch banking agency, ABN AMRO Financial institution N.V. Lim additionally frolicked working for British multinational financial institution, HSBC.

Bybit introduced that it was closing all alternate providers for UK-based clients on March 5. Clients have till March 31 to shut out buying and selling positions, and withdraw their funds from the platform. Zhou instructed Cointelegraph:

“We worth Mr. Lim’s expertise and experience in world monetary establishments, in addition to his deep data and skill to speak on the identical wavelength with world regulators.”

He additional acknowledged that the corporate was coming into, “uncharted territories right here in the case of regulating cryptocurrencies. However as a substitute of second guessing what can be the regulators’ subsequent transfer, we may be a part of the method and the options.”