Crypto exchange Bybit plans to exit the UK
The United Kingdom is preparing to implement new regulations that will directly affect the cryptocurrency markets. Bybit, one of the largest exchanges in the crypto market, has put its agenda on leaving the United Kingdom, citing the marketing regulation that has been expanded to include the crypto market within the country's borders.Bybit's CEO, Ben Zhou, reminded that they recently exited France due to regulatory pressure, and stated that they will soon exit the United Kingdom due to tightening regulatory conditions. Zhou also added that they may not be able to continue their operations in many countries in the future due to regulatory conditions becoming stricter around the world.In the UK, the Financial Conduct Authority (FCA) will introduce new rules for more transparent and accurate marketing of crypto-based financial products as of October 8. On the other hand, it has been prohibited to offer crypto derivative products in the United Kingdom since 2021. However, some crypto exchanges continued to provide this service in the country through various means. Once the new rules come into force, all avenues for offering crypto derivative products in the country will be closed.Stating that this situation is a serious problem for all cryptocurrency exchanges operating in the country, Zhou said that they are considering how other organizations will act according to the new rules.The marketing rules, which were expanded to include crypto companies as of October, actually apply to companies that have been engaged in securities brokerage activities for years.Bybit was founded in 2018 as an exchange focused on crypto futures trading. The company then launched spot cryptocurrency trading and managed to rapidly increase its trading volume. With an average trade volume of $756 million today, Bybit is the 5th largest crypto exchange in the market. In addition, the platform, which maintains its strength in the crypto derivatives market, has the highest transaction volume after Binance in crypto futures transactions.
The United Kingdom is preparing to implement new regulations that will directly affect the cryptocurrency markets. Bybit, one of the largest exchanges in the crypto market, has put its agenda on leaving the United Kingdom, citing the marketing regulation that has been expanded to include the crypto market within the country's borders.Bybit's CEO, Ben Zhou, reminded that they recently exited France due to regulatory pressure, and stated that they will soon exit the United Kingdom due to tightening regulatory conditions. Zhou also added that they may not be able to continue their operations in many countries in the future due to regulatory conditions becoming stricter around the world.In the UK, the Financial Conduct Authority (FCA) will introduce new rules for more transparent and accurate marketing of crypto-based financial products as of October 8. On the other hand, it has been prohibited to offer crypto derivative products in the United Kingdom since 2021. However, some crypto exchanges continued to provide this service in the country through various means. Once the new rules come into force, all avenues for offering crypto derivative products in the country will be closed.Stating that this situation is a serious problem for all cryptocurrency exchanges operating in the country, Zhou said that they are considering how other organizations will act according to the new rules.The marketing rules, which were expanded to include crypto companies as of October, actually apply to companies that have been engaged in securities brokerage activities for years.Bybit was founded in 2018 as an exchange focused on crypto futures trading. The company then launched spot cryptocurrency trading and managed to rapidly increase its trading volume. With an average trade volume of $756 million today, Bybit is the 5th largest crypto exchange in the market. In addition, the platform, which maintains its strength in the crypto derivatives market, has the highest transaction volume after Binance in crypto futures transactions.
