The cryptocurrency
exchange, Bybit has quashed reports suggesting its intention to exit the United
Kingdom ahead of the nation’s new financial regulations set to take effect on
October 8, 2023.
Earlier
this week, various media outlets circulated claims that Bybit was considering
withdrawing its services from the UK due to the perceived strictness of the new
marketing rules for crypto firms. However, Bybit swiftly responded to these
reports, asserting its commitment to the UK market and a willingness to work with
regulators to find mutually agreeable solutions.
Reports
initially surfaced earlier this week, claiming that Bybit, an exchange based
in Dubai, was planning to exit the UK market and potentially other
jurisdictions with rigid crypto regulations. The reports cited concerns over
the UK’s new financial promotion rules, which are designed to enhance customer
protection and understanding of crypto investments.
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
In
response to the media reports, Bybit issued a statement on the social media
platform X, strongly reaffirming its dedication to the UK market. The statement
emphasized the UK’s significance in advancing crypto and blockchain
technology and Bybit’s unwavering commitment to maintaining a presence in the
country for the long term.
Additionally,
Bybit expressed its intention to
collaborate with UK regulators to ensure compliance with the new financial
promotion rules.
Bybit’s
Co-Founder and CEO, Ben Zhou, commented on the situation, highlighting the
exchange
