Bybit Denies Imminent Exit from UK Market, Engages with Regulators
Bybit, a prominent crypto exchange operator currently operating in the UK, has refuted earlier reports suggesting that it is planning to exit the UK market due to upcoming marketing regulations. Ben Zhou, CEO of Bybit, clarified that the company is actively engaged in discussions with UK regulators to find solutions to the issue.
“Compliance is Bybit’s first priority. Regarding the new crypto regulation in the UK, we are in talks with the regulator to find the best solution moving forward. No final agreement has been made yet, and we will keep our communities informed.”
– Ben Zhou (@benbybit) September 14, 2023
This statement contradicts Zhou’s previous remarks where he hinted at Bybit potentially exiting the UK market and referenced their recent departure from France.
The forthcoming regulations by the Financial Conduct Authority (FCA), set to be implemented on October 8, have raised concerns among various crypto entities operating in the UK. These regulations aim to bring transparency and accuracy to the marketing of crypto products and introduce measures like a cooling-off period for first-time investors.
While Zhou’s initial comments indicated a potential withdrawal from the UK market, his latest statements emphasize Bybit’s commitment to staying. Bybit reaffirmed its dedication to the UK market through a public statement on Twitter on September 14.
The new regulations will particularly impact the practice of “reverse solicitation,” where exchanges could serve UK customers. Zhou highlighted this issue and mentioned that major players in the crypto industry, including Bybit, OKX, and Binance, have been contacted by the FCA.
“The new law states 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. Everyone is in trouble. So everyone is thinking of plans for how to deal with this new law,” Zhou explained.
Despite these challenges, Bybit is actively exploring ways to comply with UK regulations. The company is engaging in consultations, partnerships, and potential collaborations with local UK businesses to ensure the continuity of its services. Bybit aims to remain compliant and continue its operations in the UK.
As the October deadline approaches, several major firms such as PayPal (for its crypto services) and Luno (crypto exchange) have already announced temporary suspensions of their UK services. Other companies, like Bybit, are currently negotiating the way forward. The impact of these regulatory changes on crypto operations in the UK remains to be seen.
Hot Take: Bybit Commits to Staying in the UK Market Amid Regulatory Challenges
Bybit, a leading crypto exchange operator, has denied reports of an imminent exit from the UK market due to upcoming regulations. Despite concerns surrounding compliance with the Financial Conduct Authority’s new rules, Bybit’s CEO Ben Zhou has expressed the company’s commitment to finding a solution and staying in the UK. By engaging in discussions with regulators and seeking collaborations with local businesses, Bybit aims to ensure continuity and compliance with the regulatory changes. As other major firms suspend their services or negotiate their path forward, Bybit’s stance highlights its determination to navigate these challenges and maintain its presence in the UK market.
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