Bybit, a leading crypto exchange, anticipates its imminent exit from the United Kingdom market.
The initiative comes in response to the forthcoming stringent marketing rules in the UK, set to take effect on October 8.
Bybit Leaves the UK Due to Tight Regulations
Bybit’s decision to leave the UK mirrors the ongoing challenges many crypto exchanges face in adjusting to tighter regulatory scrutiny.
CEO and co-founder of Bybit, Ben Zhou, underscored the intensifying regulatory climate, stating:
“Compliance is Bybit first priority. Regarding the UK new crypto regulation, we are in talks with the regulator to find the best solution moving forward.”
He elaborated on the recent Bybit’s exit from France and Canada and foresaw a similar scenario in the UK soon. The decision stems from the impending enforcement of rules by the Financial Conduct Authority (FCA). The federal agency aims to enhance transparency and accuracy in crypto marketing.
“UK consumers will have much greater protection as crypto asset firms’ marketing must be ‘clear, fair and not misleading,’ labelled with prominent risk warnings and must not inappropriately incentivize people to invest. These rules apply to firms wherever they are based globally and help strengthen how people are protected from the high risks associated with crypto assets,” the FCA noted.
Read more: How Will Pending UK Regulation Transform Its Crypto Market, Compared to the EU?
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Author: Bary Rahma
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