Bybit announced the possibility of exiting the UK market
Date: 2023-09-16 Author: Karina Ziganova Categories: IN WORLD
Cryptocurrency exchange Bybit plans to leave the UK market due to new marketing rules that will take effect in the coming weeks, The Block reports.
“We do see regulation becoming more stringent. We will likely have to exit markets in many countries. I think we will exit the UK very quickly,” explained Bybit CEO Ben Zhou.
The exchange called the UK a "very important market" in its X account and said it intends to operate in the jurisdiction for a long time.
Rules will come into force in the UK from 8 October requiring that marketing by crypto companies must be clear, fair and not misleading, include risk warnings and must not inappropriately incentivize people to invest.
Zhou added that the new rules will change the approach to attracting customers. He said:
“The new law is that if you use English, they will assume that you are trying to attract their users. Everyone is left in a difficult position... Bybit is likely to cut ties with the UK."
In May, the crypto exchange left Canada due to the regulatory climate.
