September 14, 2023 at 16:02 GMTModified date: September 14, 2023 at 16:03 GMT
September 14, 2023 at 16:02 GMT

Bybit may exit UK as new regulations draw nearer

Bybit is in talks with the UK’s Financial Conduct Authority (FCA) before new regulation regarding marketing rules go live next month.

Bybit may exit UK as new regulations draw nearer

The Bybit crypto exchange is in talks with the UK’s Financial Conduct Authority (FCA) ahead of new marketing regulation going live next month.

It could mean Bybit exiting the UK altogether if the right compliance cannot be met by the exchange.

It follows the FCA enforcing new guidelines on 8 October that will mean a cooling-off period for first-time investors that aims to make crypto marketing more transparent for investors.

Tweeting on X today, Bybit has said: “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.

“Meanwhile, we are dedicated to working collaboratively with regulators upon the new law to ensure the responsible and secure development of the industry.”

Ben Zhou, co-founder and CEO of BYBIT, echoed this on X.

Bybit, founded in 2018, is headquartered in Dubai. In 2021, the exchange was blocked from the United States, and in the same year, it also faced regulation warnings in Japan and Canada. 

The FCA and crypto in the UK

In June, the FCA revealed the new regulations following UK government legislation to bring crypto promotions under the spotlight.  

“It is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice,” said Sheldon Mills, FCA executive director, consumers and competition.  

“Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money.

“The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”

According to the FCA, crypto ownership has more than doubled in the UK from 2021 to 2022, with 10% of the 2,000 people they surveyed saying that they own crypto.  

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