Crypto Exchange Bybit Commits to Operating in the UK
Crypto exchange Bybit is determined to continue operating in the UK, despite upcoming changes in financial promotion rules. CEO Ben Zhou is committed to establishing a long-term presence in the UK market and working closely with regulators to ensure responsible growth in the crypto industry. Bybit recognizes the UK as a significant market for crypto and blockchain technology.
Bybit’s Vision for Crypto Market Access
During his speech at Token2049 in Singapore, Ben Zhou emphasized Bybit’s mission of providing efficient and user-friendly access to the crypto market. By charging a small fee, they aim to build roads that lead people to decentralized finance (DeFi) while addressing the concerns of using blockchain wallets. Bybit is dedicated to educating the public and developing beginner-friendly products that offer opportunities such as ETH staking and on-chain US Treasuries.
Adapting to New Financial Promotion Rules
Previously, there were concerns that Bybit might leave the UK market due to the Financial Conduct Authority’s (FCA) new marketing rules. These regulations aim to ensure clear, fair, and honest crypto ads while cracking down on tactics like ‘reverse solicitation.’ Jayson Probin, FCA’s Crypto Financial Promotions Lead, has emphasized that non-compliance with the rules will result in consequences.
“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.”
Hot Take: Bybit’s Determination in the UK Crypto Market
Bybit’s CEO Ben Zhou remains resolute in maintaining a strong presence in the UK crypto market despite impending changes in financial promotion rules. Bybit recognizes the importance of collaborating with regulators and ensuring responsible growth in the industry. With their focus on user-friendly access and education, Bybit aims to bring more people into decentralized finance while addressing their concerns. The company’s commitment to the UK demonstrates its dedication to advancing crypto and blockchain technologies in this key market.
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