Bybit UK Relaunch: In an exciting development, Bybit has reintroduced its crypto platform in the United Kingdom, a significant move in response to the growing demand for digital assets. This relaunch comes after a two-year hiatus, prompted by the Financial Conduct Authority’s (FCA) stringent crypto compliance rules. Bybit’s new platform is designed to adhere to these regulations, providing UK users with access to a wide array of trading options.
The relaunch offers access to 100 trading pairs, supported by Bybit’s robust global liquidity and operational infrastructure. This strategic move is designed to cater to the increasing appetite for digital asset platforms in the UK. Recent consumer research, commissioned by the FCA, indicates that approximately 8% of UK adults now own crypto assets, translating to around 5.5 million people. This data underscores the importance of centralized exchanges like Bybit, which remain a primary entry point for crypto ownership, with 73% of respondents acquiring assets through these platforms.
Bybit’s Commitment to FCA Crypto Compliance
Bybit’s UK operations are built on a foundation of rigorous anti-money laundering (AML) and know-your-customer (KYC) standards. The platform complies with local financial promotion requirements through a partnership with FCA-authorized firm Archax. Archax plays a crucial role in assisting overseas crypto firms in navigating UK crypto marketing compliance, acting as a regulated financial promotion approver under UK law.
“Our goal is to offer UK users reliable access to global opportunities in digital assets,” stated Bybit Senior Policy Director Mykolas Majauskas. He highlighted that the UK’s financial ecosystem and regulatory direction create an ideal environment for responsible innovation. Bybit plans to introduce more tailored products for UK users, prioritizing transparency and compliance.
Return After Two-Year Hiatus
Bybit’s return to the UK marks a significant milestone after suspending services in September 2023, following the implementation of new FCA marketing rules. These regulations, designed to enhance transparency and accuracy in crypto product marketing, posed challenges for many firms, prompting some to seek third-party compliance solutions. At the time, Bybit CEO Ben Zhou expressed difficulties in maintaining operations under these rules, leading to a temporary withdrawal from the UK market.
Despite the initial uncertainty, Bybit’s strategic focus on compliance and user needs has enabled its successful return. “Over the past year, we have developed products shaped by the needs of UK users, marking not just a return but the beginning of a new chapter,” Zhou remarked.
It’s important to note that Bybit is not authorized, regulated, or registered by the FCA. Crypto asset services offered by the platform are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.
With this relaunch, Bybit is poised to play a significant role in the UK crypto landscape, offering reliable and compliant services that meet the demands of an evolving market.
