Bybit, the second-largest cryptocurrency exchange by volume traded, said it has returned to the U.K. two years after stricter rules around the promotion and marketing of crypto services forced it out.
The company, which boasts some 80 million users worldwide, restarted U.K. services including spot trading on 100 currency pairs on Thursday, the company said .
The Financial Conduct Authority (FCA) has been vigilant in regulating advertising and marketing of crypto services to British residents. Rules it introduced in October 2023 led to several crypto firms ending operations in the country. A change of tone might be on the cards, however, after the government said it intends to establish a crypto rulebook by 2027.
“The UK is home to one of the most sophisticated financial ecosystems in the world, and its clear regulatory direction makes it an ideal environment for responsible innovation,” said Mykolas Majauskas, senior director of policy at Bybit. “In the months ahead, we aim to embody this innovative spirit by introducing new products tailored to the needs of UK users, always within a framework that prioritises transparency, and compliance.”
Bybit, which is itself is not licensed in the country, said it is “operating under a framework designed to meet FCA financial promotion standards and enhance transparency for UK users.”
The exchange will operate and market its services under the auspices of London-based crypto exchange Archax, which holds a special license from the regulator to approve financial promotions, proving a gateway through which unauthorized firms can market and provide services to U.K. consumers.
“Archax is supporting Bybit’s compliant access to the UK market, building on our experience where we have previously helped other leading crypto exchanges, such as Coinbase and OKX, access the UK market without the need for their own authorisation,” said Ben Brown, chief compliance officer at Archax via email.