Bybit relaunches UK crypto platform after 2023 exit linked to FCA rules
Crypto exchange Bybit has relaunched its platform in the United Kingdom, making spot trading and peer-to-peer services available to UK users under a framework designed to comply with the Financial Conduct Authority's financial promotion rules.The company said Friday that the launch provides access to 100 trading pairs, supported by its global liquidity and operational infrastructure.Bybit said the UK rollout aims to meet rising demand for digital asset platforms as crypto adoption continues to grow in the country. Earlier this week, the FCA-commissioned consumer research estimated that around 8% of UK adults now own crypto assets — equating to around 5.5 million people. Centralized exchanges remain an increasingly dominant entry point for crypto ownership, according to the research, with around 73% of respondents saying they typically acquire their assets through them. Bybit said this reflected expectations for reliable and transparent platforms, with its initial UK products designed to offer users flexibility in how they engage with digital assets.Bybit said its UK operations follow rigorous anti-money laundering (AML) and know-your-customer (KYC) verification standards and comply with local financial promotion requirements through an arrangement approved by FCA-authorised firm Archax. Archax assists several overseas crypto firms with UK crypto marketing compliance by acting as a regulated financial promotion approver under UK law."Our goal is to give UK users reliable access to global opportunities in digital assets," Bybit Senior Policy Director Mykolas Majauskas said in a statement. Majauskas added that the UK's financial ecosystem and regulatory direction make it "an ideal environment for responsible innovation," and said the company plans to introduce additional products tailored to UK users while prioritising transparency and compliance.Bybit returns after two-year hiatusThe launch marks a return for Bybit after it suspended UK services in September 2023 ahead of new FCA marketing rules that came into force in October that year. The rules, which include stricter requirements around solicitation and a cooling-off period for first-time investors, were rolled out in the hope that they would make the marketing of crypto products more transparent and accurate. However, several firms found them challenging, while others turned to third parties for compliance.At the time, Bybit CEO Ben Zhou exclusively told The Block that the rules made continued operations in the UK difficult, prompting the exchange to suspend services and wind down users' existing positions. Bybit was not the only crypto exchange impacted, with other major platforms, including OKX and Binance, also reevaluating their strategies in light of the FCA's strict guidelines.It was not clear how long the suspension would last or if Bybit would return to the UK market at all. However, the crypto exchange did note at the time that "the suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future.""Over the past year, we have built products shaped by the needs of UK users, and we are excited to mark not just a return, but the start of a new chapter," Zhou said on Friday.The exchange noted that it is not authorized, regulated, or registered by the FCA, and that crypto asset services are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.