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Bybit exchange refused to block Russian users

The Bybit trading platform refused to fulfill the requirement of the Singapore authorities to block users with Russian citizenship, a source told GetBlock.

Crypto exchange Bybit, in response to requests to comply with sanctions due to measures imposed by the Monetary Authority of Singapore (MAS), indicated that their head office is registered in Dubai. The site team assures that it “does not discriminate against users based on location and passport.”

The team clarified that the restrictions may apply to cases where the jurisdiction of the country does not allow futures trading without licenses (USA, Singapore, China, and so on). Bybit representatives assure that they provide users with equal access to the platform.

The Bybit trading platform was founded in March 2018. There are 195 currency pairs available on the platform, the daily trading volume as of November 4 is $901 million, the number of users is about 1.6 million.

Some major cryptocurrency exchanges have followed European, American or Singaporean sanctions that prohibit providing services to users from Russia. Among them are companies such as Crypto.com, Kraken and Blockchain.com. Some platforms are still at least partially resisting the demands of the authorities. Among them is the largest cryptocurrency exchange Binance. Recently, its head, Changpeng Zhao, said that the global platform is not going to prohibit access to users from Russia, but “the situation remains difficult.”

Source: Bits

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