Bybit Strengthens Compliance to Restrict Non-compliant Marketing Activities in Korea

Bybit Strengthens Compliance Measures in Korea

Bybit, recognized as the second-largest cryptocurrency exchange globally by trading volume, is proactively enhancing its global compliance framework. This initiative is determined to ensure adherence to local laws and regulations while safeguarding users from potential risks associated with illegal virtual asset operators.

In light of recent advisories from regulatory authorities in various jurisdictions, particularly Korea, Bybit is implementing stringent measures to prevent non-compliant affiliate marketing practices that might target domestic users. These developments are part of a comprehensive strategy to support enhanced regulatory compliance and promote responsible marketing practices within the cryptocurrency sector.

New Measures for Affiliate Marketing Restrictions

Bybit has outlined a clear policy to restrict any marketing, promotion, or service direction aimed specifically at jurisdictions where they may not meet local regulatory requirements. This precaution reflects Bybit's commitment to ensuring that all affiliate partnerships are compliant with local laws, particularly in sensitive markets like Korea.

The specific measures targeting the Korean market involve the enforcement of rules pertaining to referral and commission arrangements. Affiliates are prohibited from utilizing these arrangements to specifically market Bybit’s services to Korean users. To implement this effectively, Bybit will actively monitor affiliate activities, ensuring compliance with its internal policies and the specific terms of the Bybit Affiliate Partnership Program. Any affiliate found to be in violation may face consequences, including the suspension or termination of their affiliate relationship or the restriction and removal of commission rewards.

Reporting Non-compliant Activities

Bybit encourages users to report any suspected promotion of its services targeting Korean users, including advertisements in the Korean language. Users can easily file such reports through Bybit's dedicated web form, providing the platform with the necessary insights to enforce its compliance measures effectively. This transparent approach aims to promote responsibility among its affiliates and safeguard the interests of users within the Korean market.

Continuous Monitoring and Adaptation

The cryptocurrency landscape is continually evolving, and regulatory frameworks adapt correspondingly. Bybit is committed to continuously monitoring these changes in regulatory requirements and ensuring its policies remain aligned with local laws. This active engagement not only helps mitigate risks associated with illegal activities but also fosters trust and credibility within the burgeoning cryptocurrency industry.

Bybit's proactive stance exemplifies the exchange's dedication to promoting high standards of compliance and responsible trading. As the company operates in myriad jurisdictions, it recognizes the significance of aligning its global operations with local regulations, building a sustainable ecosystem for cryptocurrency enthusiasts and investors.

Founded in 2018, Bybit has swiftly risen to prominence, not just through innovation in trading solutions but also through its commitment to security and compliance. As the platform continues to grow, its focus on creating an open and equal ecosystem for all users will remain paramount.

For those interested in staying updated on Bybit's compliance initiatives and other company news, following their official channels and social media platforms is highly encouraged.

About Bybit

Bybit stands as the world’s second-largest cryptocurrency exchange by trading volume, catering to over 80 million users. Bybit aims to redefine decentralization by providing a robust infrastructure for blockchain and decentralized finance (DeFi) enthusiasts. With comprehensive tools and services designed to bridge traditional finance and DeFi, Bybit empowers users to explore the full landscape of the digital asset economy.

For further information, insights, and updates on Bybit’s offerings and compliance measures, please visit their official website and follow them on various social media platforms.