Bybit Denies Imminent Exit from Unitedย Kingdom Market, Engages with Regulators
Bybit, a prominent cryptocurrency exchange operator asย ofย now operating in the Unitedย Kingdom, has refuted earlier reports suggesting that it is planning to exit the Unitedย Kingdom market due to upcoming marketing regulations. Ben Zhou, CEO of Bybit, madeย itย clearย that the company is actively engaged in discussions with Unitedย Kingdom regulators to find solutions to the issue.
โCompliance is Bybitโs first priority. Inย termsย ofย the new cryptocurrency regulation in the Unitedย 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.โ
โ Ben Zhou (@benbybit) September 14, 2023
This statement contradicts Zhouโs previous remarks where he intimated at Bybit potentially exiting the Unitedย 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 Unitedย Kingdom. These regulations intendย to bring transparency and accuracy to the marketing of cryptocurrency products and introduce measures like a cooling-off period for first-time investors.
Althoughย while Zhouโs initial comments indicated a probable withdrawal from the Unitedย Kingdom market, his latest statements emphasize Bybitโs commitment to remaining. Bybit reaffirmed its dedication to the Unitedย Kingdom market through a public statement on Twitter on September 14.
The new regulations will particularly impact the practice of โreverse solicitation,โ where exchanges could serve Unitedย 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.
โThe new law states that if you use English as a language, they will see you as attemptingย to solicit their users, so you cannot assertย that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans for how to deal with this new law,โ Zhou explained.
Regardlessย of these challenges, Bybit is actively exploring ways to comply with Unitedย Kingdom regulations. The company is engaging in consultations, partnerships, and probable collaborations with local Unitedย Kingdom enterprises to secure the continuity of its services. Bybit intendsย to remain compliant and continue its operations in the UK.
As the October deadline approaches, plentyย of major corporations such as PayPal (for its cryptocurrency services) and Luno ( cryptocurrency exchange) have already announced short-term suspensions of their Unitedย Kingdom services. Other corporations, like Bybit, are asย ofย now negotiating the way forward. The impact of these regulatory changes on cryptocurrency operations in the Unitedย Kingdom remains to be seen.
Hot Take: Bybit Commits to Remaining in the Unitedย Kingdom Market Amid Regulatory Challenges
Bybit, a leading cryptocurrency exchange operator, has denied reports of an imminent exit from the Unitedย Kingdom market due to upcoming regulations. Regardlessย of concerns surrounding compliance with the Financial Conduct Authorityโs new regulations, Bybitโs CEO Ben Zhou has expressed the companyโs commitment to finding a solution and remaining in the Unitedย Kingdom. By engaging in discussions with regulators and seeking collaborations with local enterprises, Bybit intendsย to secure continuity and compliance with the regulatory changes. As other major corporations suspend their services or negotiate their path forward, Bybitโs stance outlines its determination to navigate these challenges and maintain its presence in the Unitedย Kingdom market.
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