After a period of absence, Bybit, one of the leading global crypto exchanges, has re-entered the UK’s crypto market with power and pride. The crypto exchange, which is already familiar to UK traders, returned with a Financial Conduct Authority (FCA) license.
Bybit has received approval from Archax, an FCA-authorized firm, to communicate promotions to consumers.
Why did Bybit pause trading?
Bybit chose to wind down its operations in October 2023 as new rules barred the exchange from delivering services to customers. Now, the exchange is back with renewed marketing and operational structures that align with the FCA’s new rules and regulations.
In October 2023, the UK introduced stricter regulations on crypto marketing or financial promotions. An authorized government body should approve licenses for crypto promotions, which Bybit did not have at that time.
Under the new rule, crypto firms can operate in the UK , but are restricted from doing any free marketing to UK consumers unless they meet certain conditions.
The FCA imposed key restrictions like mandatory risk warnings, a ban on cashback-style promotions or incentives to invest, avoid impulsive decisions, and more.
However, according to these rules, Bybit could not legally onboard UK users or market their products. Therefore, it has rebuilt its onboarding process, product flows, and ads with a compliance-friendly ecosystem.
Bybit returns with over 100 crypto trading pairs
The comeback for Bybit was not a waste of time. During the pause of its UK operations, the exchange worked hard to restructure its marketing and other operations and introduced more than 100 crypto trading pairs for the users in the region.
This is a significant expansion for Bybit as it offers traders more choices in terms of trading pairs, along with greater liquidity. Traders can now trade a mix of cryptocurrencies against stablecoins instead of opting for just a few trading pairs, and diversify their portfolio.
The two-year break for Bybit was the period to refresh and rejuvenate its services with strong regulatory protections. Now, the traders will have more confidence in Bybit, and more institutions or high-profile investors can trade on the exchange without any fear of regulatory gaps.
The UK’s crypto rules are necessary to regulate and build a resilient crypto industry to prevent bad actors from committing illicit activities. For Bybit, more constrained, compliance-aligned delivery of crypto promotions will be critical.
As the crypto industry is growing in countries like the UK, US, and the UAE, Bybit is exploring ways to attract users by adapting to the rules and laws of these countries.
