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Bybit, a crypto exchange, might halt operations in the UK due to upcoming Financial Conduct Authority (FCA) regulations from Oct. 8. In a tweet on Sep. 14, CEO Ben Zhou expressed concerns about meeting strict compliance requirements. 
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 Compliance is Bybit first priority, Regarding the UK new crypto 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. <a href="https://t.co/j3L4H8fG1t" target="_blank" rel="noopener noreferrer nofollow">https://t.co/j3L4H8fG1t</a>— Ben Zhou (@benbybit) <a href="https://twitter.com/benbybit/status/1702332105727025292?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 14, 2023</a> 
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The FCA’s updated regulations, including cooling-off periods for new investors and stricter marketing rules, aim to enhance transparency in crypto product advertising. 
Zhou noted that these changes would impact how exchanges like Bybit engage with consumers. 
Previously, some exchanges used “<a href="https://international-adviser.com/the-issue-with-providing-reverse-solicitation-to-eu-clients/" target="_blank" rel="noopener noreferrer nofollow">reverse solicitation</a>” to avoid UK rules. However, upcoming FCA regulations explicitly address this practice, closing regulatory gaps. 
 You might also like: <a href="https://crypto.news/g20-leaders-support-fsb-recommendations-on-crypto-regulation/" rel="noopener noreferrer nofollow"> G20 leaders support FSB recommendations on crypto regulation </a> 
Bybit isn’t the only exchange affected by the upcoming regulatory changes. 
The FCA has been in talks with other major players like <a href="https://crypto.news/binance-withdraws-registration-in-uk-amid-global-crackdown/" rel="noopener noreferrer nofollow">Binance</a> and OKX. Luno, another exchange, has already restricted some services ahead of the Oct. 8 deadline. 
Experts believe these regulations could impact centralized platforms and potentially slow down crypto adoption. 
As the deadline approaches, crypto firms, including Bybit, are reviewing their plans. 
The industry is preparing for significant changes in the UK. These new laws aim to enhance investor safety and market transparency. However, their exact impact on the crypto sector remains uncertain. 
 Read more: <a href="https://crypto.news/tornado-cash-case-crypto-anonymity-vs-regulation/" rel="noopener noreferrer nofollow"> Tornado Cash case: crypto anonymity vs regulation </a>

CEO: Bybit might halt operations in the UK from October

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