CEO: Bybit might halt operations in the UK from October
Bybit, a crypto exchange, might halt operations in the UK due to upcoming Financial Conduct Authority (FCA) regulations from Oct. 8. In a tweet on Sep. 14, CEO Ben Zhou expressed concerns about meeting strict compliance requirements. Compliance is Bybit first priority, Regarding the UK new crypto regulation, we are in talks with the regulator to find the best solution moving forward, no final agreement has been made yet, we will keep our communities informed. https://t.co/j3L4H8fG1t — Ben Zhou (@benbybit) September 14, 2023 The FCA’s updated regulations, including cooling-off periods for new investors and stricter marketing rules, aim to enhance transparency in crypto product advertising. Zhou noted that these changes would impact how exchanges like Bybit engage with consumers. Previously, some exchanges used “reverse solicitation” to avoid UK rules. However, upcoming FCA regulations explicitly address this practice, closing regulatory gaps. You mig...