Bybit relaunches UK platform via Archax under FCA promotion rules
Bybit is relaunching its UK platform offering spot and P2P trading through an FCA-approved firm, Archax, following a 2023 exit.Summary
Crypto exchange Bybit is re-entering the UK market after pausing operations in late 2023 due to the Financial Conduct Authority's (FCA) stricter financial promotion rules. The relaunch is facilitated through a promotions arrangement approved by Archax, an FCA-authorized firm, rather than Bybit's direct registration. The new UK platform will initially offer spot trading on 100 pairs and a peer-to-peer venue, explicitly excluding derivatives and leveraged products. Bybit emphasizes that AML and KYC checks will be enforced, and future products will be tailored to comply with the promotion regime, while also highlighting the absence of FSCS or Ombudsman protections. The article notes a discrepancy between Bybit's claim of rising UK crypto engagement and recent FCA data suggesting a drop in ownership, raising questions about regulatory arbitrage.
(Source：Cointelegraph)