ByBit denies earlier reports that the exchange will exit UK

ByBit announced connected Sept. 14  that it intends to proceed operating its crypto speech successful the U.K., contradicting earlier reports that it would exit that country.

On Twitter/X, a institution spokesperson wrote:

“We see the UK to beryllium a highly important marketplace for the advancement of crypto and blockchain technologies. Our committedness to this marketplace is unwavering, and we mean to support our beingness successful the UK for the agelong term.”

The company’s CEO, Ben Zhou, added that the institution is talking with regulators to find a solution and scope an agreement. In a abstracted connection to Coindesk, CEO Ben Zhou said that “leaving the U.K. is not portion of our existent strategy.”

Zhou was quoted successful earlier reports saying that ByBit would apt “have to exit [the U.K.] precise soon” owed to upcoming regulations that restrict however crypto companies advertise and beforehand themselves. Furthermore, helium described the regulations arsenic highly broad, stating:

“[The] FCA has … asked what our program is to woody with this caller law. And the caller instrumentality is that if you usage English arsenic a language, they volition spot you arsenic trying to solicit their users, truthful you cannot assertion that you are successful reverse solicitation.”

Zhou’s interpretations of the caller rules are his own. Nevertheless, the regulations successful question are precise strict. In summation to banning referral programs and mandating hazard warnings, the rules let for harsh penalties, including situation sentences and unlimited fines.

Changes could impact full crypto industry

Zhou besides told The Block that the U.K. Financial Conduct Authority (FCA) has contacted overmuch of the crypto manufacture including OKX, Binance, and different companies.

Though those companies person not straight commented connected the matter, others person already announced impermanent withdrawals from the U.K. market. PayPal said connected Aug. 14 that it volition intermission its U.K. services until 2024. Luno said connected Sept. 11 that it volition intermission its U.K. services until an chartless date. (Binance besides withdrew from the U.K. successful June 2023 but did not notation to upcoming changes to advertizing regulations.)

ByBit is among the largest exchanges by volume. Over the past 24 hours, it handled implicit $820 cardinal successful cryptocurrency transactions, according to CoinGecko data. By extension, it is besides 1 of the largest companies to remark connected the regularisation alteration publicly.

The U.K.’s caller crypto advertizing regulations volition instrumentality effect connected Oct. 8. Companies tin use for a three-month grace play to marque immoderate indispensable changes.

The station ByBit denies earlier reports that the speech volition exit UK appeared archetypal connected CryptoSlate.