Citadel Securities-backed broker Hidden Roads halts access to Bybit
Prime brokerage agency Hidden Roads is about to cease providing its shoppers entry to the Bybit crypto platform attributable to a disagreement over the change’s KYC/AML procedures.
Worldwide prime dealer Hidden Highway is reportedly making ready to halt buying and selling for its shoppers on cryptocurrency change Bybit, Bloomberg has discovered, citing sources conversant in the scenario. The transfer is known to be in response to considerations concerning the change’s know-your-customer (KYC) and anti-money laundering (AML) laws.
Whereas the precise timing of the suspension stays unsure, sources indicated that Hidden Highway had notified its shoppers “a couple of weeks in the past.” Bybit has not publicly addressed the matter, however a spokesperson informed Bloomberg that the change is “dedicated to transparency and can present additional updates because the evaluation progresses.”
In November 2023, Coinbase knowledgeable a few of its clients of a subpoena from the U.S. Commodity Futures Buying and selling Fee (CFTC) regarding Bybit. The specifics of the data or paperwork sought by the CFTC, in addition to the investigation’s broader scope, stay undisclosed to this point.
Based in 2018 by Marc Asch, Hidden Roads affords cross-margining and margin financing throughout money, cleared derivatives and over-the-counter swaps merchandise. The agency additionally affords prime brokerage with crypto.
In 2022, Hidden Highway secured a $50m Sequence A funding spherical led by Fortress Island Ventures, with participation from different traders, together with Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute and Coinbase Ventures.
