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.

  • Most Influential 2023: The People Who Defined the Year in Crypto
    Most Influential 2023: The People Who Defined the Year in Crypto
  • The 'Real Question' About Sam Bankman-Fried's Trial is What Happens Next: Kevin O'Leary
    The 'Real Question' About Sam Bankman-Fried's Trial is What Happens Next: Kevin O'Leary
  • How Decentralization Cultivates Community
    How Decentralization Cultivates Community
  • How Decentralized Threads Build Web3
    How Decentralized Threads Build Web3
  • 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.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    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.