Taiwans Rybit Exchange Announces Suspension of Retail Services to Focus on Institutional Clients Withdrawals Must Be Completed by August 23

Rybit Exchange announced today that due to market transformation, it will suspend services for individual users starting from August 23, 2024, and has reminded users to withdraw their New Taiwan Dollars and virtual currency assets from the platform as soon as possible.
(Background:
Second case in a single month: The Financial Supervisory Commission fined Rybit Exchange NT$1.02 million for violating the Anti-Money Laundering Act: failure to conduct KYC properly and deficiencies in transaction monitoring…)
(Additional Background:
The Financial Supervisory Commission fined ACE Exchange NT$1.52 million for violating the Anti-Money Laundering Act: failure to conduct KYC properly and deficiencies in transaction monitoring…)
Taiwan’s Rybit Exchange announced today (the 5th) that due to considerations of market transformation, the company will suspend its platform services for existing individual users starting from August 23, 2024, including the deposit and withdrawal of New Taiwan Dollars and virtual currencies, as well as other platform services. However, the company will continue to provide services for corporate clients.



Rybit: Ceasing deposits in New Taiwan Dollars or virtual currencies immediately
Rybit has published a detailed announcement on its official website explaining the follow-up procedures. The company will notify all users via email and push notifications to remind them to transfer their assets from their accounts. Users with questions can refer to the FAQ section in the announcement or contact customer service through the official LINE account (@rybit).
After 12:00 AM on August 23, 2024, Rybit will take a snapshot of all user balances. For any assets that have not been withdrawn, the company will inform users of the subsequent withdrawal methods via email and will conduct manual withdrawal operations, which may not allow for immediate withdrawals. Therefore, it is advised to withdraw or transfer assets within the specified timeframe.
Recently, Rybit was fined NT$1.02 million by the Financial Supervisory Commission
The Securities and Futures Bureau of the Financial Supervisory Commission issued a press release on the 1st, stating that Rybit Exchange (Coinlay Limited) was fined NT$1.02 million for violating the Anti-Money Laundering Act and the Personal Data Protection Act. It remains unclear whether this transformation is related to that case.



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