Bybit, the second-largest cryptocurrency exchange by trading volume, said it has returned to the UK two years after strict rules on the promotion and marketing of cryptocurrency services forced it to exit.
The company, which has about 80 million users globally, relaunched its UK service on Thursday, including spot trading on 100 currency pairs, the company said.
The Financial Conduct Authority (FCA) has been vigilant in regulating the advertising and marketing of crypto services to UK residents. The rules it introduced in October 2023 led to several cryptocurrency companies ending their operations in the country. However, the tone may change after the government stated its intention to develop a cryptocurrency rulebook in 2027.
“The UK is one of the most complex financial ecosystems in the world, and its clear regulatory direction makes it an ideal environment for responsible innovation,” said Mykolas Majauskas, Senior Policy Director at Bybit. “In the coming months, we aim to embody this spirit of innovation by launching new products tailored to the needs of UK users, always within a framework that prioritizes transparency and compliance.”
Bybit itself is not licensed in the country but says it “operates under a framework designed to meet the FCA’s financial promotion standards and increase transparency for UK users”.
The exchange will operate and market its services with the support of London-based cryptocurrency exchange Archax, which holds a special license from the regulator to approve financial promotions, providing a gateway for unauthorized companies to market and provide services to UK consumers.
Archax chief compliance officer Ben Brown said via email: “Archax is supporting Bybit’s compliant entry into the UK market, building on our previous experience of helping other leading cryptocurrency exchanges such as Coinbase and OKX enter the UK market without obtaining their own authorizations.”
