Bybit Refutes Claims of Exiting UK Market, Ensuring Continued Presence

Bybit Denies Reports of Exiting UK Market

Leading cryptocurrency exchange Bybit has refuted recent claims suggesting its intention to withdraw from the United Kingdom in response to new financial regulations set to take effect on October 8th, 2023.

Commitment to the UK Market

Several media outlets reported on Wednesday that Bybit deemed the UK’s stringent marketing rules for crypto companies to be “quite strict,” leading to its decision to halt services in the country. However, Bybit quickly dispelled these rumors by releasing a statement on social media platform X affirming its dedication to the UK market.

“At Bybit, we consider the UK to be a highly important market for the advancement of crypto and blockchain technologies. Our commitment to this market is unwavering, and we intend to maintain our presence in the UK for the long term.”

Furthermore, the exchange assured users that it is willing to collaborate with UK regulators under the new financial promotion rules.

CEO Emphasizes Regulatory Compliance

Bybit’s co-founder and CEO, Ben Zhou, addressed the situation, emphasizing the company’s commitment to regulatory compliance and ongoing negotiations with UK authorities for a mutually beneficial solution.

“Compliance is Bybit’s first priority. Regarding the UK’s new crypto regulation, we are in talks with the regulators to find the best solution moving forward. No final agreement has been made yet, and we will keep our communities informed.”

This commitment to regulatory compliance aligns with Bybit’s previous withdrawal from the Canadian market due to regulatory developments.

If Bybit fails to reach a compromise with UK financial regulators, it may ultimately opt to cease its services nationwide. However, the outcome remains uncertain at this stage.

New Financial Promotion Rules in the UK

In June, the UK’s Financial Conduct Authority (FCA) introduced new financial marketing rules for crypto firms operating in the country. These rules aim to ensure that all UK customers fully comprehend the risks associated with crypto investments. In July, the FCA sent a letter to all crypto marketing firms outlining the various channels for asset promotion under the upcoming regime, including promotions by FCA-authorized personnel or registered crypto companies.

The new regulations, taking effect on October 8th, 2023, will implement measures such as the elimination of “refer a friend” bonuses and the introduction of a 24-hour cooling-off period for first-time investors.