The post Amid Reports of an Exit From the UK Market, Bybit Says It ‘Intends on Having a Long-Term Presence in UK’ appeared first on Coinpedia Fintech News

Crypto exchange Bybit is determined to keep operating in the UK, despite upcoming changes in financial promotion rules. CEO Ben Zhou is committed to the UK market, aiming for a long-term presence and working with regulators to ensure responsible growth in the crypto industry. Bybit values the UK as an important market for crypto and blockchain tech. 

Ben Zhou, co-founder and CEO of Bybit recently spoke at Token2049 in Singapore. He said that they are ‘building roads and charging a small fee to provide extremely efficient and usable access to the crypto market.’

He added, We love DeFi and we want to bring people to Defi, but using blockchain wallets is still scary for many people. So we’re determined to educate the public and build products for beginners, to bring them the yield of ETH staking, or real-world assets like on-chain US Treasuries.

It was earlier reported that Bybit is thinking about leaving the UK market because of new marketing rules set by the Financial Conduct Authority (FCA), which could force them to withdraw from the UK.

The new laws are changing how crypto companies can approach customers. The FCA is cracking down on tactics like ‘reverse solicitation’ and wants crypto ads to be clear, fair, and honest to protect regular investors. FCA’s Crypto Financial Promotions Lead, Jayson Probin, has stressed that those who don’t comply with the new rules will face consequences.

They wrote 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 collaboratively with regulators upon the new law to ensure the responsible and secure development of the industry.”

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Filed under: Bitcoin - @ September 15, 2023 5:06 am