Bybit, a popular cryptocurrency exchange, wants to clear up some confusion. There were reports that Bybit was thinking about leaving the United Kingdom because of new financial rules starting on October 8th, 2023.
Some news stories said that Bybit wasn’t happy with the strict rules for crypto companies in the UK. They even suggested that Bybit might leave other countries with tough rules, not just the UK.
Bybit quickly responded with a statement on social media. They said that the UK is a really important market for them, and they plan to stay there for a long time. Bybit also wants to work closely with UK regulators to follow the new rules.
Bybit’s CEO, Ben Zhou, stressed how important it is for Bybit to follow the rules in every country they work in. He mentioned they’re talking to UK regulators to find the best way forward, but they haven’t made any final decisions yet.
Back in May, Bybit stopped its services in Canada because of changes in the rules there. They made it clear that they always want to follow the rules wherever they do business.
If Bybit can’t work things out with UK regulators, they might decide to stop offering their services in the UK. But it’s still too early to know for sure what they’ll do.
UK’s Fresh Financial Promotion Regulations
In June, the UK’s Financial Conduct Authority (FCA) introduced fresh rules about how cryptocurrency companies can advertise their services to people in Great Britain. The FCA made these rules to make sure that everyone in the UK knows about the risks of investing in cryptocurrencies.
Guidance for Crypto Marketers:Â In July, the FCA sent a letter to all companies that promote cryptocurrencies. This letter explained the different ways these companies can advertise their services under the new rules. Some options include having people authorized by the FCA do the promotions or being registered with the FCA.
When Do the Rules Start?
Remember, these rules will start working on October 8, 2023. There are some important parts of these rules, like getting rid of “refer a friend” bonuses and having a “24-hour cooling-off period” for first-time investors. This means people will have a day to think before investing for the first time.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
