Spark Fintech Limited, the affiliate of Dubai-based crypto exchange Bybit, has decided to abandon its efforts to obtain an operating license in Hong Kong. The withdrawal of the application for their virtual asset trading platform took place on May 31, exactly four months after its initial submission. This decision was prompted by the Hong Kong regulator’s categorization of Bybit as an unlicensed entity, accompanied by threats of criminal penalties. It is worth noting that Bybit recently found itself in hot water due to the Notcoin (NOT) airdrop, during which it allegedly distributed $26 million to 320,000 users. As a result of this controversy, several high-ranking executives are said to have resigned from the company.
