Bybit Refutes Rumors of Exiting the UK Market

Bybit crypto exchange has made it clear that it has no intentions of leaving the United Kingdom. This announcement comes in contradiction to earlier reports suggesting otherwise.

On September 14th, Bybit issued a statement reaffirming its commitment to operate within the UK. A spokesperson from the company took to Twitter to emphasize the significance of the UK market in advancing crypto and blockchain technologies.

The spokesperson stated, “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.”

Bybit’s CEO, Ben Zhou, echoed this sentiment, asserting that the company is actively engaged in discussions with regulators to seek solutions and reach agreements that align with regulatory requirements. He stated that “leaving the UK is not part of our current strategy.”

This statement from Ben Zhou contradicts his earlier remarks, where he had suggested that Bybit might have to exit the UK due to impending regulations governing how crypto companies can advertise and promote themselves.

Zhou had characterized these regulations as extremely broad, explaining that “the FCA has … asked what our plan is to deal with this new law. And the new law is 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.”

While Zhou’s interpretation of the regulations may differ from others, it’s important to note that the rules in question are notably stringent.

In addition to prohibiting referral programs and mandating risk warnings, these regulations carry severe penalties, including potential prison sentences and unlimited fines.

These regulatory changes have sent ripples across the entire crypto industry. Bybit is not the only company affected; others, including OKX and Binance, have been contacted by the UK’s Financial Conduct Authority (FCA).

Although these companies have not provided direct comments on the matter, some have already announced temporary withdrawals from the UK market.

For instance, PayPal announced on August 14th that it would pause its UK services until 2024, while Luno recently stated that it would pause its UK services until an unspecified future date.

Bybit, known for its substantial trading volume, ranks among the largest exchanges in the crypto world. Over the past 24 hours, it has facilitated cryptocurrency transactions exceeding $820 million, according to CoinGecko data.