The derivative exchange of cryptocurrency, Bybit has been appointed as the new general counsel to head the firm in the global compliance matters and to take charge of its legal team
The former head of legal and compliance for the investment bank based in Singapore, in the person of Daniel Lim, stated that Daiwa Capital market’s novel role was reported March 9. However, it is pertinent to state that Lim joined Bybit after United Kingdom forced the exchange to close down its operations in the United Kingdom, on the premise of blanket ban by on retail crypto derivatives trading.
Ben Zhou, the Ceo and co-founder of Bybit was appointed so as to increase the compliance posture on what he perceived as the increasingly changing regulatory landscape.
According to the Company, they announced that:
“We are pleased to welcome Daniel, who brings with him exceptional expertise and foresight to our burgeoning industry,” said Zhou, adding, “Daniel will help bolster Bybit’s compliance posture in a fast-changing regulatory environment and sustain our ambition to build trust and provide value for clients around the globe.”
Prior to his role at Daiwa Capital, Lim spent 10 years serving as senior legal counsel at Dutch banking firm, ABN AMRO Bank N.V. Lim also spent time working for British multinational bank, HSBC.
Bybit announced that it was closing all exchange services for UK-based customers on March 5. Customers have until March 31 to close out trading positions, and withdraw their funds from the platform. Zhou told Cointelegraph:
“We value Mr. Lim’s experience and expertise in global financial institutions, as well as his deep knowledge and ability to communicate on the same wavelength with global regulators.”
He further acknowledged that the company was entering, “uncharted territories here when it comes to regulating cryptocurrencies. But instead of second guessing what would be the regulators’ next move, we can be part of the process and the solutions.