Crypto Exchange Bybit 'Exploring All Options' to Stay in UK: CEO

Companies like Luno and PayPal have halted certain crypto operations in the country in response to regulations set to take effect next month.

AccessTimeIconSep 14, 2023 at 4:09 p.m. UTC

Crypto exchange Bybit is looking for ways to stay in the U.K. even as changes in financial promotions rules set to take effect next month have already prompted some companies to cut back on their services, according to CEO Ben Zhou.

"Leaving the U.K. is not part of our current strategy," Zhou said in a Telegram message.

The comment follows an earlier report in the Block citing the CEO as saying the exchange may withdraw from the country if it has no choice once the new rules take effect.

The U.K.'s financial promotions regime will extend to crypto companies on Oct. 8 and affect their ability to reach local customers. The rules require any company reaching out to U.K. clients to be registered or authorized by the Financial Conduct Authority. Firms can apply for an extra three months to apply the rules.

The change has already prompted some companies, including Luno and PayPal, to halt certain crypto operations. Zhou said the exchange has been talking to regulators to identify the best path forward.

"There are still several avenues available for crypto exchanges to achieve compliance with U.K. regulators in the future, and we are actively exploring all options for this market," Zhou said. "We are engaged in partnerships and consultations with local businesses, assessing potential collaborations with entities in the U.K., which will enable us to continue our operations in full compliance."

Edited by Sheldon Reback.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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