In exchange for cryptocurrency derivatives, Bybit appointed a new attorney general to lead the company on global compliance issues and oversee its legal team.

Daniel Lim, former head of the legal division at Singapore-based investment bank Daiwa Capital Markets, was announced in his new position on March 9th. Lim joins Bybit shortly after the exchange forced the closure of its UK operations following the FCA ban on retail trading of cryptocurrency derivatives.

Bybit co-founder and CEO, Bin Chu said, Lim has been appointed to strengthen the company’s position for compliance in a rapidly changing regulatory environment.

“We are delighted to welcome Daniel, who has exceptional experience and insight in our growing industry,” said Chu, adding, “Daniel will help bolster Bybit’s compliance in a rapidly changing regulatory environment and support our ambitions to build trust. Deliver value to customers. A world.”

Prior to his position at Daiwa Capital, Lim worked for 10 years as a Senior Assistant at the Dutch banking company ABN AMRO Bank N.V. Lim has also worked for the British multinational bank HSBC.

Bybit announced that it will shut down all exchange services to UK customers on March 5th. Clients must close their trading positions and withdraw their funds from the platform by March 31st. Chu told Cointelegraph:

“We value Mr. Lim’s experience and expertise in global financial institutions, as well as his deep knowledge and ability to communicate with global regulators.”
He also admitted that the company had entered “unknown territories” here when it came to regulating cryptocurrencies. But instead of wondering again about the next step for the regulator, we can be part of the process and decisions. “

Source: CoinTelegraph