Bybit, the second-largest cryptocurrency exchange by volume traded, said it had returned to the UK two years after stricter rules around the promotion and marketing of cryptocurrency services forced it to withdraw.
The company, which has some 80 million users worldwide, restarted its services in the UK on Thursday, including spot trading on 100 currency pairs, the company said.
The Financial Conduct Authority (FCA) has been vigilant in regulating the advertising and marketing of crypto services to UK residents. The rules introduced in October 2023 have led to several crypto companies shutting down their operations in the country. A change in tone could, however, be on the cards after the government announced plans to establish crypto regulations by 2027.
“The UK is home to one of the most sophisticated financial ecosystems in the world, and its clear regulatory focus makes it an ideal environment for responsible innovation,” said Mykolas Majauskas, senior policy director at Bybit. “In the coming months, we aim to embody this spirit of innovation by introducing new products tailored to the needs of UK users, always within a framework that prioritizes transparency and compliance. »
Bybit, which itself is not licensed in the country, said it “operates within a framework designed to meet the FCA’s financial promotion standards and improve transparency for UK users.”
The exchange will operate and market its services under the auspices of the London-based crypto exchange Archax, which holds a special license from the regulator to approve financial promotions, providing a gateway through which unauthorized businesses can market and provide services to UK consumers.
“Archax supports Bybit’s compliant access to the UK market, building on our experience where we have already helped other leading crypto exchanges, such as Coinbase and OKX, access the UK market without the need for their own authorization,” said Ben Brown, Head of Compliance at Archax via email.
