Bybit's CEO Explores Strategies to Maintain Presence in the UK Amid Regulatory Changes
Luno and PayPal have recently suspended specific cryptocurrency operations in the U.K. due to impending regulatory changes scheduled for next month.
Despite forthcoming alterations in financial promotional regulations, which have led some companies to scale down their services, the cryptocurrency exchange Bybit is actively seeking methods to maintain its presence in the U.K. This determination was voiced by CEO Ben Zhou, who stated in a Telegram message, "Exiting the U.K. is not a part of our current strategy."
This statement contradicts a previous report from the Block, which cited Zhou as suggesting that the exchange might be forced to leave the country once the new regulations come into play.
Commencing on October 8th, the U.K.'s financial promotional framework will be extended to encompass cryptocurrency firms, impacting their ability to engage with local clientele. According to the new rules, any company wishing to engage with U.K. clients must be registered or authorized by the Financial Conduct Authority. Companies can apply for an additional three-month grace period to implement these regulations.
This regulatory shift has already led companies like Luno and PayPal to suspend specific cryptocurrency activities. Zhou emphasized that Bybit has been in discussions with regulators to determine the most viable path forward.
"There are still numerous avenues available for cryptocurrency exchanges to ensure compliance with U.K. regulators in the future, and we are actively exploring all options for this market," Zhou affirmed. "We are in the process of establishing partnerships and conducting consultations with local businesses, evaluating potential collaborations with entities in the U.K. This will enable us to sustain our operations in complete accordance with regulatory standards."