Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the revolutionary rationalization of tracking on non-compliant affiliate marketing exercises in Korea. Bybit is consistently reviewing and expanding its global compliance structure to connect with applicable local legal and regulatory needs.
The main aim behind this step is to retain a policy of purely marketing, promoting, or directing its facilities toward jurisdictions to fulfill local regulatory demands.
In addition, Bybit already has knowledge about recent public advisories issued by regulatory authorities in some specific jurisdictions; Korea is also included in this list. This thing indicates threads linked with illegal virtual asset operators and unpublished marketing or brokerage activities directed at domestic users.
Bybit Advances Preventive Controls on Affiliate Programs for Korean Users
Especially in the scenario of Korea, and in aid of enhanced compliance, Bybit is basically targeting the Korean market or Korean users by functionalizing the extra preventive steps to avoid affiliates from using referral or commission arrangements. Onward, Bybit will attentively observe and settle affiliate activities in this regard.
Bybit will also be able to take action according to the code of conduct by interpreting its internal policies and terms for its affiliate program. These actions may consist of, without certain boundaries, suspending or terminating the affiliate relationship and/or restricting and removing commission rewards, in full or in part.
Bybit Extends Compliance Measures to All Promotional Partners
The given measures will be equally applicable to all affiliates and companions participating in promotional or marketing activities that are certainly targeted at the nominated market or user base, either via social media, messaging platforms, websites, or other connections. Associates and companions are encouraged to review the applicable terms and conditions of the Bybit affiliate partnership program for more details.
Source: https://blockchainreporter.net/bybit-tightens-compliance-on-affiliate-marketing-activities-in-korea/