ByBit in talks with FCA to maintain its UK presence

Cryptocurrency exchange ByBit has denied that it intends to leave the UK market.
In a post on X (Twitter), the exchange notee that the UK market is an important market for the exchange, and it intends to maintain its presence there.
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In addition, ByBit said that it is in discussions with the UK Financial Conduct Authority (FCA) to find a solution and reach an agreement to provide its services in the UK, as the exchange is committed to operating in a legal and compliant environment.
The rumors that the exchange would be leaving the UK were widely reported in the media after Bybit's CEO, Ben Zhou, said, "We see regulation getting tighter. We will probably have to withdraw from many countries. I think it's the UK; we will have to leave very soon. We recently left France".
The new UK regulations, which will come into effect on October 8, will require cryptocurrency companies operating in the country to comply with a number of requirements, including ensuring that all marketing materials contain risk warnings and that advertisements do not contain misleading information.
Notably, companies can request a three-month grace period to make any necessary changes.
In the past, exchanges have circumvented the UK's 2021 ban on cryptocurrency derivative products with a reverse request.
However, this method of providing services to UK users has recently ceased to exist.
"The FCA has reached out directly to all the major players – us, OKX, Binance, everybody – and asked what our plan of action is in relation to this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation," Zhou said.
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