Citadel Securities-backed prime brokerage firm Hidden Road has stopped offering clients access to third-largest crypto exchange Bybit, as per sources familiar with the matter. The move sparked disputes between the two regarding know-your-customer and anti-money laundering requirements of Bybit.
Bybit Users Face Major Blow in Dispute With Hidden Road
Hidden Road informed clients about the decision to prevent access to Bybit a few weeks ago, as per a report by Bloomberg. The exact disagreement between the two companies over Bybit’s know-your-customer and anti-money laundering requirements remains unclear.
Bybit has started a “comprehensive compliance review” of its prime brokerage business. Regulators have tightened scrutiny over crypto exchanges after Binance and CZ agreement with the US DOJ over violations of anti-money laundering and sactions laws. After Binance’s historic $4.3 billion settlement with US authorities last year, the crypto exchange asked prime brokers including
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