Bybit Engages in Discussions with UK FCA, Reaffirms Commitment Amid Regulatory Concerns

Bybit Engages in Discussions with UK FCA, Reaffirms Commitment Amid Regulatory Concerns

Bybit Denies Imminent Exit from United Kingdom Market, Engages with Regulators

Bybit, a prominent cryptocurrency exchange operator as of now operating in the United Kingdom, has refuted earlier reports suggesting that it is planning to exit the United Kingdom market due to upcoming marketing regulations. Ben Zhou, CEO of Bybit, made it clear that the company is actively engaged in discussions with United Kingdom regulators to find solutions to the issue.

“Compliance is Bybit’s first priority. In terms of  the new cryptocurrency regulation in the United Kingdom, 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 intimated at Bybit potentially exiting the United Kingdom 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 between numerous cryptocurrency entities operating in the United Kingdom. These regulations intend to bring transparency and accuracy to the marketing of cryptocurrency products and introduce measures like a cooling-off period for first-time investors.

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Although while Zhou’s initial comments indicated a probable withdrawal from the United Kingdom market, his latest statements emphasize Bybit’s commitment to remaining. Bybit reaffirmed its dedication to the United Kingdom 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 United Kingdom customers. Zhou highlighted this issue and mentioned that major players in the cryptocurrency 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 attempting to solicit their users, so you cannot assert 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.

Regardless of these challenges, Bybit is actively exploring ways to comply with United Kingdom regulations. The company is engaging in consultations, partnerships, and probable collaborations with local United Kingdom enterprises to secure the continuity of its services. Bybit intends to remain compliant and continue its operations in the UK.

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As the October deadline approaches, plenty of major corporations such as PayPal (for its cryptocurrency services) and Luno ( cryptocurrency exchange) have already announced short-term suspensions of their United Kingdom services. Other corporations, like Bybit, are as of now negotiating the way forward. The impact of these regulatory changes on cryptocurrency operations in the United Kingdom remains to be seen.

Hot Take: Bybit Commits to Remaining in the United Kingdom Market Amid Regulatory Challenges

Bybit, a leading cryptocurrency exchange operator, has denied reports of an imminent exit from the United Kingdom market due to upcoming regulations. Regardless of concerns surrounding compliance with the Financial Conduct Authority’s new regulations, Bybit’s CEO Ben Zhou has expressed the company’s commitment to finding a solution and remaining in the United Kingdom. By engaging in discussions with regulators and seeking collaborations with local enterprises, Bybit intends to secure continuity and compliance with the regulatory changes. As other major corporations suspend their services or negotiate their path forward, Bybit’s stance outlines its determination to navigate these challenges and maintain its presence in the United Kingdom market.

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