Cryptocurrency derivatives exchange Bybit has appointed a new general counsel to lead the firm in its global compliance matters, and to oversee its legal team.
Daniel Lim, formerly head of legal and compliance for the Singapore-based investment bank, Daiwa Capital Markets, was announced in the new role on March 9. Lim joins Bybit shortly after the exchange was forced to close down operations in the United Kingdom, following the FCA’s blanket ban on retail crypto derivatives trading.
Co-founder and CEO of Bybit, Ben Zhou, said Lim was appointed to bolster the firm’s “compliance posture,” in what he sees as a rapidly changing regulatory landscape.
“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."