Rybit to Suspend Personal User Platform Services
Rybit Exchange announced on August 5 that after a comprehensive assessment, it has decided to adjust its strategy and rethink the company’s direction, resulting in a recent suspension of platform services for personal users. The exchange plans to transition into a corporate trading platform.
With the Chairperson of the Financial Supervisory Commission, Peng Chin-long, announcing the four stages of regulatory development for the future cryptocurrency industry, and the establishment of the Taiwan Virtual Association, the regulation of VASP operators in Taiwan is becoming increasingly stringent. This can effectively reduce issues such as money laundering and fraud, which is welcome news for the overall industry development and users. However, on the other hand, the compliance manpower and time costs represent a significant burden for startups.
Taiwan’s regulatory authorities have intensified supervision over domestic exchanges, and last week (August 2) took further action against Taiwan’s cryptocurrency exchanges. Among them, Rybit Exchange was penalized by the Securities and Futures Bureau of the Financial Supervisory Commission with a fine of 1.02 million New Taiwan Dollars due to four deficiencies: inadequate customer reviews, incomplete transaction monitoring, insufficient record keeping, and improper management of personal data.
Rybit Official Statement
The following is the official statement from Rybit:
We sincerely thank all users for their support and trust since the launch of Rybit. We have been fortunate to accompany and protect our users through the winter of cryptocurrency investment since 2022, and we gradually look forward to a healthier blockchain industry in 2024!
As the industry rapidly develops, the upstream, midstream, and downstream of the ecosystem, along with peripheral systems, are also maturing. At this critical moment of leapfrog growth, our team has taken all factors into account regarding the opportunities presented by this new ecosystem, necessitating an adjustment in our pace and direction. We inform all users that Rybit will suspend platform services for personal users while continuing to serve corporate clients. We also hope to bring more diverse services and value to the industry chain through technological innovation in the future.
Therefore, we announce that from August 23, 2024, our company will suspend existing platform services for personal users, including the deposit and withdrawal of New Taiwan Dollars and virtual currencies, as well as other platform services.
【Follow-Up Processing Operations】
1. Please refrain from depositing New Taiwan Dollars or virtual currencies into your Rybit account starting today.
2. Please withdraw your New Taiwan Dollars and virtual currency assets on the platform through the Rybit website or app by 23:59 on August 22, 2024, following the normal procedures.
3. Users currently in the review process, please email [email protected], and customer service will provide clear instructions on the asset transfer procedures.
4. After 00:00 on August 23, 2024, we will take a snapshot of all user balances. If there are any untransferred assets, we will notify you of subsequent withdrawal methods via email, and manual processing will be conducted. Immediate withdrawals may not be possible, so it is recommended to withdraw funds or transfer coins within the deadline.
5. Regarding your personal data, we will retain your personal information for five years as required by law, after which we will remove your personal and account information from the system.