Bybit Resumes Operations in UK Market with Archax Partnership

TLDR

• Bybit resumes UK operations after two years of suspension.
• Partnership with Archax enables compliance with FCA regulations.
• Bybit offers spot trading on 100 currency pairs for UK users.

Bybit, a leading cryptocurrency exchange, has resumed its operations in the UK market after a two-year pause. The company exited in 2023 due to regulatory changes made by the Financial Conduct Authority (FCA). Now, Bybit re-enters the market through a strategic partnership with Archax, a London-based crypto platform authorized by the FCA.

This partnership allows Bybit to offer its services to UK users without direct licensing. The collaboration aligns with the FCA’s financial promotion rules introduced in October 2023, which led many exchanges, including Bybit, to temporarily cease operations in the UK.

Leadership and Strategic Vision

Key members from Bybit and Archax are driving the return to the UK market. Mykolas Majauskas, Bybit’s Senior Director of Policy, has been pivotal in navigating the company’s regulatory strategies. Ben Zhou, Co-founder and CEO of Bybit, has overseen the exchange’s growth and expansion efforts since its inception in 2018.

Ben Brown, the Chief Compliance Officer at Archax, has been instrumental in fostering similar partnerships for other exchanges like Coinbase and OKX, paving the way for a compliant re-entry into the UK market.

“Our goal is to give UK users reliable access to global opportunities in digital assets,” said Mykolas Majauskas, Bybit’s Senior Director of Policy.

Mykolas Majauskas

Service Offerings and Market Focus

Bybit will facilitate spot trading on 100 currency pairs, including major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as various mid-cap altcoins. Currently, the focus is on spot and peer-to-peer (P2P) trading. There is no emphasis on derivatives trading at this stage.

The move marks Bybit’s commitment to providing a platform designed for informed engagement in the digital asset economy, catering specifically to UK users. This comes amidst a backdrop of global shifts in crypto regulatory frameworks.

Regulatory Environment and Future Prospects

The UK government’s ongoing regulatory developments include plans for a comprehensive crypto rulebook by 2027. Bybit’s return through Archax mirrors strategies used by other exchanges to ensure compliance under existing FCA regulations.

No new funding or institutional involvement has been announced beyond the established partnership with Archax. This relaunch could potentially signal broader participation by cryptocurrency exchanges in the UK market ahead of anticipated regulatory changes.