Rybit Exchange announced today that it will temporarily suspend its services for individual users starting from August 23, 2024, due to market transformation. Users are reminded to withdraw their Taiwanese dollars and virtual currency assets from the platform in a timely manner.
(Previous summary:
Second case in a month: FSC fines Rybit Exchange 1.02 million for violating anti-money laundering laws: inadequate KYC and transaction monitoring…)
(Background information:
FSC fines ACE Elite Exchange 1.52 million for violating anti-money laundering laws: inadequate KYC and transaction monitoring…)
Taiwanese exchange Rybit announced today (May 5) that, in consideration of market transformation, the company will suspend its platform services for existing individual users, including deposits and withdrawals of Taiwanese dollars and virtual currencies, and other platform services, starting from August 23, 2024. However, the company will continue to provide services to corporate clients.
Rybit: No more deposits of Taiwanese dollars or virtual currencies starting today
Rybit has published detailed announcements on its official website, explaining the subsequent processing procedures. The company will notify all users through email and push notifications, reminding them to transfer their assets to other accounts. If users have any questions, they can refer to the FAQ section in the announcement or contact customer service through the official LINE (@rybit) account.
After midnight on August 23, 2024, Rybit will take a snapshot of all user balances. If there are any remaining assets that have not been withdrawn, the company will inform users of the subsequent withdrawal methods via email and proceed with manual refunds. It may not be possible to withdraw funds immediately, so it is recommended to withdraw or transfer funds within the specified timeframe.
Rybit was recently fined 1.02 million NT dollars by the Financial Supervisory Commission.
The Financial Supervisory Commission’s Securities and Futures Bureau issued a press release on the 1st, stating that Rybit Exchange (Rybit Limited) was fined 1.02 million NT dollars for violating the Anti-Money Laundering Act and the Personal Data Protection Act. It remains to be seen whether this transformation is related to the aforementioned case.
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