Bybit expects to exit UK market as new regulations loom

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Bybit CEO Ben Zhou said that new marketing rules — that take effect on Oct. 8 — will likely mean Bybit exits the UK.

Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bybit, one of the world’s largest crypto exchange operators, expects to pull out of the United Kingdom ahead of new marketing rules that are set to go live in the coming weeks

, some exchanges have nonetheless been able to serve UK customers via reverse solicitation. That could all change on Oct. 8. For Bybit, the most likely consequence is that the exchange simply cuts ties with the UK altogether, Zhou added.George Morris, a partner at Simmons & Simmons, said the promotions regime has been in force for securities firms for decades — but is now expanding to encapsulate crypto firms.

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