Bybit is considering an exit from the UK market. This move comes as the Financial Conduct Authority prepares to implement new marketing rules effective October 8.
Consequently, Bybit CEO Ben Zhou has expressed that these rules could potentially force the company to withdraw from the UK.
Significantly, these rules are causing ripples across the broader crypto market. The FCA has also contacted significant players like OKX and Binance regarding their compliance plans.
Luno, another cryptocurrency exchange, plans to restrict specific services starting two days before the new regulations take effect
The upcoming laws aim to redefine financial solicitation in the crypto space. Specifically, the FCA has made it challenging for companies to engage in ‘reverse solicitation,’ a tactic many employed to skirt past previous regulations. Moreover, the FCA aims to protect average investors by ensuring crypto advertising is “clear, fair and not misleading.”