Bybit Denies Rumors Leaving The UK
Bybit denies rumors of exiting UK market amid upcoming financial regulations. CEO emphasizes regulatory compliance and ongoing discussions with UK regulators.
Recent rumors have agitated around Bybit suggesting its potential exit from the UK market in anticipation of the nation's upcoming financial regulations.
Contrary to circulating reports, Bybit has firmly denied any intentions of leaving the UK market. Various media outlets had previously suggested that the Dubai-based exchange was contemplating withdrawing its services from the UK, primarily due to the perceived stringency of new marketing rules for crypto firms. However, in a swift response, Bybit released a statement on a social media platform, emphasizing the UK's importance as a pivotal market for advancing crypto and blockchain technologies.
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… — Bybit (@Bybit_Official) September 14, 2023
Ben Zhou, Bybit's co-founder and CEO, also weighed in on the matter. He highlighted the exchange's top priority: regulatory compliance. Zhou revealed that discussions with UK regulators are ongoing, aiming to find an optimal solution that aligns with the interests of all stakeholders. He assured the Bybit community that they would be kept informed about any significant developments. He also stated that:
"[The] FCA has … asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation."
The UK's Financial Conduct Authority (FCA) introduced new financial marketing rules for crypto firms in June. These regulations, set to be active from October 8, 2023, aim to strengthen transparency and ensure UK customers are well-informed about the risks associated with crypto investments. Some of the notable aspects of these rules include the elimination of "refer a friend" bonuses and the introduction of a "24-hour cooling period" for novice investors.
The FCA's initiative is part of a more expansive effort to regulate the crypto sector, ensuring that promotional activities by crypto firms are transparent, fair, and not misleading. The regulator has outlined various pathways for asset promotion, including those facilitated by FCA-authorized personnel or crypto companies registered with the FCA.
It's worth noting that Bybit had previously withdrawn its services from Canada, pointing to specific regulatory developments. The exchange's emphasis on regulatory compliance suggests a cautious approach to global operations, ensuring alignment with local regulations.