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<p><a href="https://www.theblock.co/post/251007/bybit-expects-to-exit-uk-market-as-new-regulations-loom" rel="noopener noreferrer nofollow">Reporting</a> related to Dubai-based crypto exchange Bybit had suggested in recent days that the firm was leaving the UK market. However, the company has since responded to state that it has strongly reaffirmed its commitment to the UK market and its dedication to collaborate with regulators to find mutually agreeable solutions.</p><h2 id="header-0">Company clarification</h2><p>That speculation had arisen in the first place on the basis of difficulties the business may experience as a consequence of the upcoming implementation of new strict marketing rules for crypto firms in the UK. Taking to social media on Thursday, the company <a href="https://x.com/Bybit_Official/status/1702327802220163194?s&#61;20" rel="noopener noreferrer nofollow">stated</a>:</p><p>”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.”</p><p>The reports published earlier in the week had fueled speculation that Bybit might exit the UK market, along with other jurisdictions characterized by rigorous crypto regulations. The concerns primarily centered around the UK’s recently introduced financial promotion rules, designed to bolster customer protection and enhance understanding of crypto investments.</p><p>Ben Zhou, Co-Founder and CEO of Bybit, <a href="https://x.com/benbybit/status/1702332105727025292?s&#61;20" rel="noopener noreferrer nofollow">commented</a> on the situation, underscoring the exchange’s unwavering commitment to regulatory compliance. Zhou confirmed that ongoing discussions with UK regulators aimed to find mutually beneficial solutions, aligning the interests of all stakeholders involved. He emphasized Bybit’s commitment to keeping its community well-informed about the progress of these discussions.</p><h2 id="header-1">Regulatory changes</h2><p>The recent move by Bybit is in direct response to regulatory changes introduced by the UK’s Financial Conduct Authority (FCA) in June. These changes were implemented to improve transparency and enhance customer protection within the crypto sector, with a particular focus on ensuring that UK customers have a clear understanding of the risks associated with crypto investments. The FCA also outlined various pathways for asset promotion, including those involving FCA-authorized personnel or crypto companies registered with the FCA.</p><p>Exchanges have been very much under the cosh in 2023 when it comes to regulatory pressures. Bybit, accompanied by MEXC Global, Bitforex, and Bitget, were all issued with a<a href="https://www.binance.com/en-IN/feed/post/377895" rel="noopener noreferrer nofollow"> warning</a> by the Japanese regulator, the Financial Services Agency (FSA), in April on the basis that the exchanges were running unregistered crypto asset exchange business operations within Japan. In May Binance<a href="https://www.binance.com/en/feed/post/518931" rel="noopener noreferrer nofollow"> left</a> the Canadian market.</p><p>In the months that followed, the leading global crypto exchange was forced out of markets in Germany, Belgium, The Netherlands, and Cyprus due to regulatory pushback. In May Seychelles-based Huobi was<a href="https://medium.com/&#64;coinness.gl/huobi-falls-foul-of-malaysian-regulator-cb37849ff3c3" rel="noopener noreferrer nofollow"> ordered</a> to cease its business offering in Malaysia by the local regulator.</p><h2 id="header-2">Moving forward</h2><p>Despite these setbacks, Bybit has been making efforts to move the business forward. In May it<a href="https://medium.com/&#64;coinness.gl/bybit-gets-outline-approval-to-operate-in-kazakhstan-24bf77be25f3" rel="noopener noreferrer nofollow"> obtained approval</a> from the authorities in Kazakhstan to offer its services within the country. Some weeks prior, it<a href="https://medium.com/&#64;coinness.gl/bybit-chooses-dubai-for-global-hq-d200c0fca18c" rel="noopener noreferrer nofollow"> announced</a> that it had chosen Dubai as the global exchange’s headquarters.</p><p>The firm also <a href="https://medium.com/&#64;coinness.gl/bybit-leans-on-innovative-tech-by-launching-ai-powered-trading-assistant-5c8f25ec72fd" rel="noopener noreferrer nofollow">introduced</a> TradeGPT recently, an AI-powered educational tool designed to enrich traders’ engagement with the crypto market.</p>

Bybit Denies Plans to Leave UK Market

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