Summary
- Bybit re-entered the UK market after about two years in line with the FCA financial promotion rules.
- Bybit supports spot trading and P2P trading services and said it will operate in cooperation with Archax(Archax), which is authorized by the FCA.
- However, Bybit is not a financial firm formally authorized by the FCA, and virtual asset trading is not covered by the UK's deposit protection.
Bybit has re-entered the UK market. It has been about two years since it suspended local services due to strengthened financial regulation in 2023.
On the 19th (local time), The Block reported that Bybit launched a UK-only platform in accordance with the FCA (Financial Conduct Authority)'s financial promotion rules and began offering spot trading and peer-to-peer (P2P) services. The platform supports about 100 trading pairs.
Bybit's UK operations are run through a cooperation structure with Archax(Archax), which is authorized by the FCA, and anti-money laundering(AML) and customer identification(KYC) standards are also applied in line with local regulations.
This re-entry came after the FCA tightened marketing regulations for virtual assets; at that time, several exchanges including Bybit suspended or reviewed their UK operations.
Ben Zhou(Ben Zhou), Bybit chief executive officer(CEO), said, "Over the past year we have prepared products tailored to UK user demand," and added, "This launch is not just a return but a new start."
However, Bybit is not a financial firm formally authorized by the FCA, and virtual asset trading is not covered by the UK's deposit protection.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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