Claim BonusCitadel-Backed Hidden Road Stops Users To Access Crypto Exchange Bybit
Highlights
- Hidden Road has stopped offering clients access to third-largest crypto exchange Bybit.
- Bybit said it started a “comprehensive compliance review” of its prime brokerage business.
- Bybit gains market share amid Binance's troubles.
Citadel Securities-backed prime brokerage firm Hidden Road has stopped offering clients access to third-largest crypto exchange Bybit, as per sources familiar with the matter. The move sparked disputes between the two regarding know-your-customer and anti-money laundering requirements of Bybit.
Bybit Users Face Major Blow in Dispute With Hidden Road
Hidden Road informed clients about the decision to prevent access to Bybit a few weeks ago, as per a report by Bloomberg. The exact disagreement between the two companies over Bybit’s know-your-customer and anti-money laundering requirements remains unclear.
Bybit has started a “comprehensive compliance review” of its prime brokerage business. Regulators have tightened scrutiny over crypto exchanges after Binance and CZ agreement with the US DOJ over violations of anti-money laundering and sactions laws. After Binance’s historic $4.3 billion settlement with US authorities last year, the crypto exchange asked prime brokers including Hidden Road and FalconX to run more stringent checks, keeping US investors off the crypto exchange.
“Bybit will not comment on specific inquiries related to counterparties at this time. However, the company is committed to transparency and will provide further updates as the review progresses,” a Bybit spokesperson said in a statement.
While the issue at discussion only impacted some users, it has caused dissatisfaction among clients as users preferred to access crypto with trusted companies or brokers.
Also Read: Judge Signs Key Orders in Coinbase Vs SEC Lawsuit
Bybit’s Market Share Rise Amid Binance’s Struggles
US regulators including the SEC accused Binance of allowing US-based customers to trade on the international exchange through offshore entities, without implementing necessary controls required by US law.
Since lawsuits and investigations against Binance, Binance.US, and CZ, other crypto exchanges saw their market share rise. OKX and Bybit saw a massive rise in crypto trading, with an increase in demand in this bull market. Crypto companies and exchanges even moved offshore amid stringent regulation in the United States.
Also Read:
- Mastercard Crypto Credential Service Goes Live
- Ethereum ETF To Grab Only 20% Of Spot Bitcoin ETF Flows
- Shiba Inu Takes Over Cardano With Today’s Surge: What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Is Bhutan Selling Bitcoin? Government Sparks Sell-Off Concerns as BTC Crashes
- ‘XRP Treasury’ VivoPower Abandons Crypto Strategy Amid Market Crash, Stock Price Dumps
- Bitcoin Crashes to $65K as Crypto Market Erases $2T in Market Cap Since October Record High
- Trump’s World Liberty Financial Dumps Bitcoin as BTC Falls Back to 2021 ATH
- CLARITY Act Markup Still On Course as Senate Puts Crypto Bill on Schedule, Lummis Assures
- Dogecoin, Shiba Inu, and Pepe Coin Price Prediction as Bitcoin Crashes Below $70K.
- BTC and XRP Price Prediction As Treasury Secretary Bessent Warns “US Won’t Bail Out Bitcoin”
- Ethereum Price Prediction As Vitalik Continues to Dump More ETH Amid Crypto Crash
- Why XRP Price Struggles With Recovery?
- Dogecoin Price Prediction After SpaceX Dogecoin-Funded Mission Launch in 2027
- Solana Price Crashes Below $95 for the First Time Since 2024: How Low Will SOL Go Next?
