Bybit CEO Ben Zhou has stated that digital asset derivatives exchange Bybit is committed to staying in the U.K. and is exploring all options to keep serving the country amid strict new rules.
Recent reports indicated that Bybit was working on an exit plan from the U.K. due to the Financial Conduct Authority (FCA)’s new rules for the digital asset industry. The government is cracking down on ‘digital currency’ advertising, prohibiting incentives such as referral bonuses and airdrops, and requiring a 24-hour cooling period for first-time investors. This has seen some notable players leaving the U.K. or restricting some of their services, including PayPal and Luno.
“We do see regulation becoming more strict. Most likely, we’ll have to retreat in many countries. I think the U.K.— we’ll have to exit very soon. We recently exited France,” Zhou was quoted by the report.
Bybit has refuted the report and pledged to work with regulators to comply with the new regulatory regime.
“Our commitment to this market is unwavering, and we intend to maintain our presence in the U.K. for the long term,” the exchange said in a post on X.
At Bybit, we consider the UK to be a highly important market for the advancement of crypto and blockchain technologies. Our commitment to this market is unwavering, and we intend to maintain our presence in the UK for the long term. Meanwhile, we are dedicated to working…
— Bybit (@Bybit_Official) September 14, 2023
Zhou reiterated the exchange’s commitment to the U.K., claiming that the deal collaborates with regulators as it works towards a permanent solution.
“Compliance is Bybit’s first priority. Regarding the U.K.’s new digital currency regulation, we are in talks with the regulator to find the best solution moving forward; no final agreement has been made yet, we will keep our communities informed,” he stated.
“Bybit has partnered with local U.K. businesses to explore potential avenues for collaboration, which will enable us to continue our operations in full compliance,” he added.
Founded in early 2018, Bybit is one of the popular digital asset derivatives industry players. Recently, it has had to scale back its operations in some jurisdictions as regulators ramp up their efforts to protect retail investors from complex financial products.
In May, it exited the Canadian market, citing new regulatory developments, following in the steps of Binance, dYdX, and others.
Watch: What’s next for digital asset exchanges & investment?
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