Bybit Devise Means to Remain in the UK After FCA’s Set Deadline

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As the date scheduled for the new restrictions for crypto advertising in the United Kingdom to take effect, cryptocurrency exchange Bybit is doing all that it can to remain in the country.

Many crypto-related firms have been forced to cut back on their service in the UK market while some others have made a full exit from the market. Popular payments platform PayPal announced a temporary halt to its crypto services in the UK.

According to a Telegram message posted by Ben Zhou, Chief Executive Officer (CEO) of ByBit, leaving the UK is not in alignment with the exchange’s current strategy. 

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FCA Introduces New Restrictions on Crypto Advertising 

As part of its effort to prioritize citizens’ protection and safeguard them from uncalculated risks exposure to crypto scammers, the Financial Conduct Authority (FCA) introduced new set of restrictions for crypto advertising in June. This meant that crypto advertisers and other financial influencers (finfluencers) in the UK would face stricter measures. The rule is scheduled to take effect from October 8.

The restrictions mandates that first time investors are given a 24 hours “cooling-off period” during which they are not allowed to make any transactions after completing their registration process. Also, “Refer a friend” bonuses will no longer apply for individuals who recruit more people to purchase a particular crypto asset.

Bybit to Partner With UK Regulators And Businesses 

Unlike PayPal and Luno that have suspended some of their crypto-related operations in the UK, Bybit claims to be talking to regulators to devise best strategies to navigate the new crypto promotion regime. Zhou believes that there are still several other avenues that crypto exchanges can explore to remain compliant with regulators in the UK. 

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Therefore, “We are engaged in partnerships and consultations with local businesses, assessing potential collaborations with entities in the U.K., which will enable us to continue our operations in full compliance,” he added.

Bybit Exits Multiple Markets

Noteworthy, Bybit CEO’s current stance about seeking means to remain in the UK comes a few hours after he said the crypto advertising rules could potentially force the company to withdraw from the UK. He cited the fact that the exchange had recently exited the market in France. 

In May, Bybit exited the Canadian market citing regulatory environment in the country as the primary reason for the departure. As October 8 draws near, the final decision made by these crypto-focused companies will become evident.

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