Bybit, a major cryptocurrency exchange based in Singapore has made an announcement in regard to the recent sanctions filed against Russia.
No Sanctions by Bybit
Bybit officials have announced that they do not intend to restrict Russian users from using their cryptocurrency exchange services.
The European Union recently imposed the eighth wave of sanctions that bounds the exchanges from offering services to users in the Russian Federation.
While the European Union’s imposition was to be practiced by countries and firms based in Europe, Singapore also wanted to adhere to the same.
The regulators in Singapore recently issued an order for all the cryptocurrency firms in the country not to offer trading services to the Russians.
However, the Bybit exchange is bypassing the order and continues offering its services to users in Russia.
The sanctions have been placed by the EU on Russia due to the ongoing conflict between Russia and Ukraine. As a result, Russia has invaded Ukraine, which is a huge matter of concern all over the world.
Bybit Stands its Ground
As the exchange made the announcement, multiple publications and queries were raised against it. They have continued imposing multiple allegations Bybit but the exchange has stood its ground.
The exchange has made it clear that although it is based in Singapore, its headquarters are based in Dubai. This means that their exchange is registered through the regulators based in Dubai.
According to the Bybit officials, they have been operating as a cryptocurrency exchange. They have never discriminated against their users and do not intend to change their behavior regardless of the pressure.
They will not discriminate against the users on the basis of the country and location mentioned on their identity documents or passports.
Clear Message by Bybit
The officials at Bybit made it clear that they will not provide their services in countries and jurisdictions where there are legal restrictions.
Countries such as China, Singapore, and the United States give no such licenses for futures trading. Therefore, they will not provide futures trading services to these jurisdictions.
Bybit officials have revealed that they want to continue offering cryptocurrency trading services to their users no matter where they reside.
Its main goal is to provide them with as much safety and protection as possible. They want to offer them the best trading experience.
Sanction by MAS
The regulatory authority in Singapore had recently ordered all the exchanges to stop providing services to the locals in Russia.
The MAS had claimed that multiple pro-Russian groups had been raising funds for the locals in Russia for their welfare.
They are doing this due to the sanctions being filed by the EU over Russia that have put the people in Russia in a bad situation.