Rybit to Suspend Personal User Platform Services
On August 5, Rybit Exchange announced that after a comprehensive assessment, it has decided to adjust its approach and rethink the company’s direction, leading to the suspension of platform services for personal users in the near future. The exchange is expected to transform into a corporate trading platform.
With the announcement of the four major phases of regulatory development for the future cryptocurrency industry by the Chairman of the Financial Supervisory Commission, Peng Jinlong, and the formal establishment of the Taiwan Virtual Association, the regulation of VASP operators in Taiwan has become increasingly stringent. This can effectively reduce issues such as money laundering and fraud, which is welcome news for the overall development of the industry and users. However, the compliance manpower and time costs also present a significant burden for startups.
Taiwan’s regulatory authorities have intensified oversight of domestic exchanges, and last week (August 2) further scrutinized Taiwanese cryptocurrency exchanges. Rybit Exchange was fined NT$1.02 million by the Securities and Futures Bureau of the Financial Supervisory Commission for four deficiencies: inadequate customer due diligence, incomplete transaction monitoring, insufficient record keeping, and improper management of personal data.
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, allowing us to accompany and protect you through the winter of cryptocurrency investment since 2022 and gradually welcome a healthier blockchain industry in 2024!
As the industry rapidly develops, the upstream, midstream, and downstream ecosystems are also maturing. At this critical moment of leapfrogging growth, our team has fully considered the opportunities presented by this new ecosystem and needs to adjust our pace and direction. We hereby inform all users that Rybit will suspend platform services for personal users while continuing to serve corporate clients. We also look forward to bringing more diversified 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 the existing platform services for personal users, including the deposit and withdrawal of New Taiwan dollars and virtual currencies, as well as other platform services.
【Subsequent Processing Operations】
1. Please stop depositing New Taiwan dollars or virtual currencies into your Rybit account starting today.
2. Please withdraw your assets in New Taiwan dollars and virtual currencies from the platform through the Rybit website or app by 23:59 on August 22, 2024, following the normal withdrawal process.
3. Users currently under review, please contact [email protected], and customer service will provide clear instructions on the steps for asset withdrawal.
4. After 00:00 on August 23, 2024, we will take a snapshot of all user balances. If there are any assets that have not been withdrawn, we will notify you of the subsequent withdrawal methods via email and carry out a manual clearance process, which may not allow for immediate withdrawals. It is recommended to withdraw funds or cryptocurrencies 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 the system.