Bybit, the second-largest cryptocurrency exchange by trading volume, said it returned to the UK two years after stricter rules around the promotion and marketing of crypto services forced it to withdraw.
The company, which has about 80 million users worldwide, restarted services in the United Kingdom on Thursday, including spot trading in 100 currency pairs, the company said.
The Financial Conduct Authority (FCA) has been vigilant in regulating the advertising and marketing of crypto services to British residents. The rules it introduced in October 2023 led to several crypto companies ending their operations in the country. A change in tone could be on the table, however, after the government said it intends to establish a crypto rulebook by 2027.
“The UK is home to one of the most sophisticated 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 innovative spirit by introducing new products tailored to the needs of UK users, always within a framework that prioritizes transparency and compliance.”
Bybit, which itself is not licensed in the country, said it is “operating under a framework designed to meet the FCA’s financial promotion standards and improve transparency for UK users.”
The exchange will operate and market its services under the auspices of London-based crypto exchange Archax, which holds a special license from the regulator to approve financial promotions, providing a gateway through which unauthorized companies can market and provide services to UK consumers.
“Archax supports Bybit’s compliant access to the UK market, building on our experience where we have previously helped other leading crypto exchanges, such as Coinbase and OKX, access the UK market without the need for their own authorization,” Archax Chief Compliance Officer Ben Brown said via email.
