Rybit to Suspend Personal User Platform Services
On August 5, Rybit Exchange announced that after a comprehensive evaluation, it has decided to adjust its direction and rethink the company’s path, thus suspending platform services for personal users in the near future. The exchange is expected to transform into a corporate trading platform.
With the Financial Supervisory Commission (FSC) Chairman Peng Jinlong announcing the four stages of regulatory development for the future cryptocurrency industry, and the official establishment of the Taiwan Virtual Association, Taiwan’s regulation of Virtual Asset Service Providers (VASPs) has become increasingly stringent. This can effectively reduce issues such as money laundering and fraud, which is encouraging news for the overall development of the industry. However, the compliance manpower and time costs present a significant burden for startups.
Taiwan’s regulatory authorities have strengthened their oversight of domestic exchanges, and last week (August 2), they took further action against Taiwanese cryptocurrency exchanges. Among them, Rybit Exchange was penalized by the Securities and Futures Bureau of the FSC for four deficiencies: lax customer screening, incomplete transaction monitoring, insufficient record-keeping, and improper management of personal data, resulting in a fine of NT$1.02 million.
Official Statement from Rybit
The following is Rybit’s official statement:
We sincerely thank all users for their support and trust since Rybit’s launch. We have been honored to accompany and safeguard our users through the winter of cryptocurrency investment since 2022, leading us to a more robust blockchain industry in 2024.
As the industry rapidly develops, the upstream, midstream, and downstream ecosystems, as well as peripheral systems, are maturing. At this critical moment of exponential growth, our team has fully considered the opportunities presented by this emerging ecosystem and has decided to adjust our pace and direction. We would like to inform all users that Rybit will suspend platform services for personal users while continuing to serve corporate clients. We look forward to bringing more diverse services and value to the industry chain through technological innovation in the future.
We hereby announce that starting from August 23, 2024, we will suspend existing platform services for personal users, including deposits and withdrawals in New Taiwan Dollars and cryptocurrencies, as well as other platform services.
【Subsequent Handling Procedures】
1. Please stop depositing New Taiwan Dollars or cryptocurrencies into your Rybit account starting today.
2. Please withdraw your New Taiwan Dollars and cryptocurrency assets from the platform through the Rybit website or App by 23:59 on August 22, 2024, following normal procedures.
3. Users currently undergoing the review process should contact [email protected], and customer service will provide clear instructions on the steps to transfer out assets.
4. After 0:00 on August 23, 2024, we will take a snapshot of all user balances. For any untransferred assets, we will inform users via email about subsequent withdrawal methods and conduct manual clearance, which may not allow for immediate withdrawals. We recommend withdrawing or transferring assets within the deadline.
5. Regarding your personal data, we will retain your personal information for five years in accordance with the law, after which we will remove your personal and account information from our system.
