Ben Zhou cited the new marketing rules, which come into effect on October 8, as the reason for that

Bybit cryptocurrency exchange CEO Ben Zhou said that new marketing regulations coming into effect on October 8 will likely lead to the platform’s exit from the UK, The Block writes.

“We see regulation becoming more stringent. We’re likely to have to withdraw from a lot of countries. I think we will have to leave the UK very soon,” Zhou said.

The UK’s Financial Conduct Authority (FCA) will implement new rules on October 8, which should make the promotion of cryptocurrencies more transparent and accurate.

Founded in 2018 and initially focused on derivatives, Bybit has expanded its product range to include spot trading in recent years. However, its share of the cryptocurrency derivatives market is still large. According to The Block Research, the share of open bitcoin futures positions on Bybit is about 23%.

According to Zhou, the new rules will change the approach to attracting investors. Although cryptocurrency derivatives are banned in the UK from 2021, some exchanges can serve UK customers.

“The FCA has contacted all the big players – us, OKX, Binance, everyone – and asked how we plan to deal with this new law. And the new law is that if you use English, they’re going to assume you’re trying to attract their users. Everybody finds themselves in a quandary. So everyone is thinking about how to deal with the new law,” the publication quoted the head of Bybit as saying.

At the end of May, Bybit announced its withdrawal from the Canadian market. The decision to suspend access to products and services for Canadian users was also made due to changes in local legislation.

By Linda

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