Quick Takeaways
- Bybit has relaunched crypto services in the UK with spot and P2P trading.
- The platform operates under FCA-compliant financial promotion arrangements.
- The return follows a 2023 exit caused by stricter UK crypto marketing rules.
Crypto exchange Bybit has officially relaunched its platform in the United Kingdom. The move marks the company’s return after a two-year absence. UK users now have access to spot trading and peer-to-peer services.
Bybit says the relaunch complies with the UK’s strict financial promotion rules. The exchange suspended UK services in September 2023. That decision followed sweeping regulatory changes from the Financial Conduct Authority.
Those rules reshaped how crypto firms can commercialize products to British consumers.
UK-Specific Platform Targets Regulated Growth
Bybit announced that the UK launch will offer more than 100 spot trading pairs. The platform is supported by Bybit’s global liquidity infrastructure. The exchange aims to meet growing demand for crypto services in Britain. Recent research shows crypto ownership is rising across the UK.
An FCA-commissioned survey found that about 8% of UK adults own crypto. That figure equals roughly 5.5 million people. Centralized exchanges remain the main entry point for new users. Around 73% of respondents said they acquire crypto through exchanges.
Bybit said this trend reflects demand for trusted platforms. The company designed its UK products for transparency and reliability. Users can engage with crypto markets through spot and P2P trading. Bybit stated that it plans to expand its UK offerings over time. Future products will be tailored to local user needs.
Compliance Built Around FCA Promotion Rules
Bybit emphasized its focus on regulatory compliance. The exchange follows strict AML and KYC standards for UK users. Its marketing activity operates under an approved compliance framework. Bybit works with an FCA-authorized firm, Archax, for promotion approvals.
Under UK law, overseas crypto firms must meet promotion standards. Archax acts as a regulated financial promotion approver. Several international crypto firms use similar arrangements. The approach allows firms to operate without direct FCA authorization.
Bybit stressed that compliance was central to its relaunch strategy. “Our goal is to give UK users reliable access to global opportunities,” said Mykolas Majauskas. Majauskas is Bybit’s Senior Policy Director.
He described the UK as an ideal environment for responsible innovation. He cited the country’s financial ecosystem and regulatory direction. Bybit said transparency will remain a top priority.
Return Follows 2023 Suspension and Industry Retreat
Bybit exited the UK market ahead of new FCA rules in October 2023. Those rules imposed stricter standards on crypto promotions. They included cooling-off periods for first-time investors. They also tightened solicitation and risk disclosure requirements.
Many crypto firms struggled to adapt quickly. At the time, Bybit said continued operations were not viable. CEO Ben Zhou said the rules made compliance difficult. The exchange suspended services and wound down user positions.
Other platforms faced similar challenges. OKX and Binance also reassessed UK strategies. Some firms exited entirely. Others sought third-party compliance solutions. Bybit said the suspension allowed time to rebuild its approach.
The company focused on meeting regulatory expectations. Zhou said the exchange spent the past year preparing for reentry. “Over the past year, we built products shaped by UK user needs,” he said. He called the relaunch the start of a new chapter.
Bybit clarified that it is not FCA-regulated or registered. Crypto services remain outside UK compensation schemes. The Financial Services Compensation Scheme does not cover them. They are also excluded from the Financial Ombudsman Service.
The exchange highlighted these risks to users. The return signals renewed confidence in navigating UK rules. Bybit joins a growing group of firms adapting to stricter oversight. The UK remains a challenging but attractive crypto market. For now, Bybit’s relaunch reflects a broader industry shift. Exchanges are choosing compliance over exit.