Key Notes
- Bybit has returned to the UK to offer users its spot trading and P2P service.
- This move comes two years after the UK intensified efforts towards crypto adoption.
- The UK Treasury has started work on crypto adoption to match the United States’ pro-crypto moves.
Cryptocurrency exchange Bybit has pushed its business to the United Kingdom, aiming to meet the rising demand for digital asset platforms.
It is delivering its services under a framework designed to meet the Financial Conduct Authority (FCA) financial promotion standards. The exchange is supported by FCA-authorised firm Archax, which acts as its regulated financial promotion approver in the UK.
This regulatory arrangement is intended to enhance transparency and ensure adherence to local AML and KYC requirements for UK users.
Bybit Offers Spot Trading and P2P to UK Users
On Dec. 19, Bybit announced its official launch in the UK, expanding the use of its platform after a 2-year exit from the country.
This development also gives its target users access to Spot trading on 100 pairs and P2P. It is also supported by deep global liquidity and robust operational standards. This comes as the rate of crypto adoption in the UK continues to rise.
Based on the current momentum, the FCA estimates that roughly 8% of UK adults now own digital assets.
It is clear that these users have expectations for reliable, high-quality platforms, and Bybit is now tapping into this demand.
The exchange has products that support access and offer users flexibility in how they engage with digital assets.
Mykolas Majauskas, Senior Director of Policy at Bybit, noted that the focus of its latest expansion into the UK is to give users reliable access to global opportunities in digital assets.
He acknowledged the UK as home to one of the world’s most sophisticated financial ecosystems. The region has a clear regulatory direction that makes it an ideal environment for true innovation.
“In the months ahead, we aim to embody this innovative spirit by introducing new products tailored to the needs of UK users, always within a framework that prioritises transparency and compliance,” Majauskas added.
UK Treasury Kickstart Work on Crypto Regulations
One situation that has accelerated the crypto push in the United Kingdom is President Donald Trump’s pro-crypto push in the United States.
As soon as Trump began to project his plan for the digital asset in America, the UK government intensified its efforts towards the sector.
Recently, the UK Treasury commenced major work on crypto regulations, with plans to introduce them by 2027.
Under the rules set by the FCA, crypto assets are obligated to be regulated similarly to other financial products.
Rachel Reeves, the Chancellor of the Exchequer, stated that having crypto within the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
