Bybit says it is returning to the United Kingdom after a two‑year pause with a new UK platform offering spot trading on 100 pairs and a peer‑to‑peer venue.
The Dubai‑based exchange shut off local UK customers in late 2023 when the Financial Conduct Authority’s (FCA) tougher financial promotion rules kicked in.
According to a press release shared with Cointelegraph, the service is being rolled out under a promotions arrangement approved by Archax, an FCA‑authorized firm, rather than via Bybit’s own registration or authorization in the UK.
Tailored UK products “transparent” and “compliant”
Bybit pitches the reboot as a way to comply with a more stringent rulebook that now governs how crypto firms can market, onboard, and design products.
The exchange is stressing Anti‑Money Laundering (AML) and Know Your Customer (KYC) checks and says future products for UK users will be “tailored” to the market, while staying within the constraints of the promotion regime.
For now, there are no derivatives or higher-risk leveraged products in the mix, and the platform emphasizes risk warnings about the possibility of losing all invested funds and the absence of Financial Services Compensation Scheme or Ombudsman protections.
Related: UK FCA makes pound stablecoin payments 2026 priority
Crypto adoption is falling in the UK
Bybit’s announcement talks up an ongoing rise in UK crypto engagement at 8%, even as the FCA’s most recent consumer research suggests ownership has fallen to that figure from 12% previously, and many newer users have cooled on speculative tokens.
That gap, along with the decision to re‑enter the market without direct FCA supervision, is likely to raise questions over whether this is genuine “responsible innovation” or regulatory arbitrage dressed in UK branding.
Bybit has not yet answered Cointelegraph’s questions on how the Archax sign-off works in practice, which entity UK customers are contracting with, what happens in the event of a hack or insolvency, or which products were explicitly excluded at launch due to FCA expectations.
Related: UK regulator consults on crypto rules for exchanges, lending and DeFi
