Rybit to Suspend Platform Services for Individual Users
On August 5, Rybit Exchange announced that after a comprehensive assessment, it has decided to adjust its course and rethink the company’s direction. It will soon suspend platform services for individual users and is expected to transition into a corporate-oriented exchange.
With the announcement by the Chairman of the Financial Supervisory Commission, Peng Jinlong, regarding the future regulatory development of the cryptocurrency industry in four major phases, and following 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 welcomed news for the overall development of the industry. However, on the other hand, the compliance-related manpower and time costs pose a significant burden for startups.
Last week (August 2), Taiwan’s regulatory authorities intensified scrutiny on domestic exchanges, targeting Taiwanese cryptocurrency exchanges once again. Among them, Rybit Exchange faced penalties from the Securities and Futures Bureau of the Financial Supervisory Commission for four shortcomings: inadequate client review, 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 had the privilege of accompanying and safeguarding our users through the cryptocurrency investment winter since 2022, and we look forward to a healthier blockchain industry in 2024!
As the industry rapidly develops, the upstream, midstream, and downstream ecosystems, along with surrounding systems, are maturing. At this critical moment of explosive growth, our team has comprehensively considered the opportunities presented by this new ecosystem and recognized the need to adjust our pace and direction. We hereby inform all users that Rybit will suspend platform services for individual users while continuing to serve corporate clients. We also aspire to innovate through technology in the future, bringing more diverse services and value to the industry chain.
This announcement states that starting from August 23, 2024, we will suspend existing platform services for individual users, including deposits and withdrawals of New Taiwan Dollars and cryptocurrencies, as well as other platform services.
【Subsequent Processing Operations】
1. Please stop depositing New Taiwan Dollars or cryptocurrencies into your Rybit account immediately.
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 the normal procedure.
3. Users currently in the review process should contact [email protected], and customer service will provide clear instructions on how to transfer out assets.
4. After 00:00 on August 23, 2024, we will take a snapshot of all user balances. For any assets not transferred out, we will inform users of the subsequent withdrawal methods via email and conduct manual clearance operations, which may not allow immediate withdrawal. We recommend withdrawing or transferring assets within the deadline.
5. Regarding your personal data, we will retain your personal information legally for five years, after which we will remove your personal and account information from our system.