Cryptocurrency exchange Bybit is not looking to exit the UK market.
The CEO confirmed that the crypto exchange is currently in talks with regulators.
Bybit Plans To Stay In The UK
Crypto exchange Bybit is exploring ways to stay in the United Kingdom despite the recent changes in financial promotion rules. The changes are set to take effect next month and have seen some companies reduce the services they offer.
Bybit’s CEO, Ben Zhou, confirmed that leaving the UK is not part of the cryptocurrency exchange’s plans. His comment came after an earlier report in the Block citing the CEO as saying the exchange may withdraw from the UK if the new rules don’t favor it.
The U.K.'s financial promotions regime will cover cryptocurrency companies starting October 8. The new rules would affect how cryptocurrency companies reach customers in the UK.
According to the new rules, crypto companies that wish to reach UK clients will need to register or gain authorization from the Financial Conduct Authority. Firms can seek an additional three months to apply the rules.
The new rules have already seen some companies like Luno and PayPal halt certain cryptocurrency operations in the country. However, Bybit’s CEO confirmed that the crypto exchange is in talks with regulators to identify the best path forward. He stated that;
"There are still several avenues available for crypto exchanges to achieve compliance with U.K. regulators in the future, and we are actively exploring all options for this market. 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."
Bybit remains one of the fastest-growing cryptocurrency exchanges. The exchange has been expanding its base in the crypto space in recent years despite the ongoing bear market.