Cryptocurrency exchange Bybit is actively considering various strategies to maintain its presence in the United Kingdom, despite impending changes in financial promotions regulations set to take effect next month, according to CEO Ben Zhou. Zhou clarified that departing from the U.K. is not part of their current strategic plan, media reports said.
Earlier, The Block quoted Zhou as suggesting that the exchange might exit the country if compelled to do so by the new regulations.
Commencing on October 8, the United Kingdom’s financial promotions framework will extend its scope to encompass cryptocurrency companies, impacting their ability to engage with local clientele.
The regulations necessitate that any company targeting U.K. customers must be registered or authorized by the Financial Conduct Authority (FCA). Firms have the option to request an additional three months for compliance.
These regulatory changes have already prompted several companies, including Luno and PayPal, to suspend certain cryptocurrency operations in the U.K. Zhou noted that Bybit has been in ongoing discussions with regulatory authorities to determine the most favorable course of action.
Zhou stated, “There are still numerous avenues through which cryptocurrency exchanges can achieve compliance with U.K. regulators in the future, and we are actively exploring all available options for this market.”
He added, “We are actively engaging in partnerships and consultations with local businesses and evaluating potential collaborations with U.K.-based entities that will enable us to continue our operations in full compliance with the regulations.”
