Bybit Unveils Terms and Privacy Notice for SUI Public Sale: Sales Behaviors Involving Americans Prohibited
Bybit has announced its Terms and Conditions and Privacy Notice for the SUI public sale. The sale of the Sui units of value on the Sui blockchain protocol (Token Rights) is governed by the Terms and Conditions. It has been specified that the sale of Token Interests is made in an offshore transaction and no directed selling efforts were made in the United States.
The Terms and Conditions prohibit the sale of Token Interests in the United States or for the account or benefit of any U.S. Person during the restricted period applicable to the Token Interests. After the expiration of the Restricted Period, Token Interests can be offered, sold, charged, pledged or transferred only pursuant to registration under the Securities Act or any available exemption therefrom and in accordance with applicable U.S. state securities laws.
It has also been clarified that the SUI Foundation is not, and will not be, registered as a virtual asset service provider under the Virtual Assets Service Providers Act of the Cayman Islands, and no such interests have been, or will be, registered with the Cayman Islands Monetary Authority.
The Privacy Notice states that Sui will collect personal information under the Cayman Islands Data Protection Act. The privacy of personal data will be maintained and used only for the purpose of the Token Rights sale. The personal data will not be shared with any third party without the consent of the data owner, except as required by law.
The Terms and Conditions also disclose the concurrent offerings being made to users who are not U.S. Persons, including users registered on other cryptocurrency exchange platforms, who can purchase up to $1,000 of Tokens at $0.10 per Token. It has been specified that certain users who are not U.S. Persons and complete additional “know your customer” requirements, meet the criteria for the higher investment tier.
It is important to note that Token Interests will bear a legend that states that the Token Interests have not been registered under the Securities Act of 1933, as amended (the “Act”) with the United States Securities and Exchange Commission, and no person intends to register them. Prior to June 14th, 2024, the Token Interests may not be offered or sold in the United States or to U.S. Persons, other than to distributors, unless the Token Interests are registered under the Act, or an exemption from the registration requirements of the Act is available.
In conclusion, Bybit has put in place several restrictions and conditions to ensure that the SUI public sale is carried out in compliance with applicable laws and regulations. The Terms and Conditions and Privacy Notice emphasize the protection of personal data and the proper disclosure of concurrent offerings. The restrictions on the sale of Token Interests to U.S. Persons and the requirement of registration under the Securities Act or any available exemption therefrom reflect the importance of compliance with applicable U.S. state securities laws.
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