Bybit Returns to UK with Spot and P2P Exchange
Bybit is relaunching in the UK after a two-year hiatus, introducing a new platform with spot trading on 100 pairs and a peer-to-peer feature. The exchange exited the UK in late 2023 following the introduction of stricter Financial Conduct Authority (FCA) rules on crypto promotions. Its return is facilitated through a promotions arrangement with Archax, an FCA-authorized entity, rather than Bybit’s own FCA registration. Bybit emphasizes compliance with UK rules, focusing on Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, and currently excludes derivatives and leveraged products. The platform highlights risks, noting no Financial Services Compensation Scheme or Ombudsman protection. Despite Bybit citing increased UK crypto interest at 8%, FCA data shows a decline from 12%. Bybit has not clarified operational details regarding Archax’s role, customer contracts, or protections in cases of hacks or insolvency, raising regulatory scrutiny about the nature of its compliance.
