Bybit, "the second-largest cryptocurrency exchange by volume traded," said it has returned to the U.K. two years after stricter rules around the promotion and marketing of crypto services forced it out. The company, which "boasts some 80 million users worldwide," restarted U.K. services including spot trading on 100 currency pairs on Thursday, the company said. Bybit emphasised it is operating under a framework designed to meet FCA financial promotion standards while it does not hold a U.K. licence.
Regulatory backdrop that forced the exit
The Financial Conduct Authority (FCA) has been vigilant in regulating advertising and marketing of crypto services to British residents, and rules it introduced in October 2023 led to several crypto firms ending operations in the country. At the same time, the UK government said it intends to establish a crypto rulebook by 2027, signalling a longer-term plan for formal regulation. For readers tracking regulatory moves in the UK, see the FCA consultation and commentary linked below for background.
How Bybit is operating in the UK without a licence
Bybit confirmed it is "not licensed in the country" and said it is "operating under a framework designed to meet FCA financial promotion standards and enhance transparency for UK users." That means the exchange is offering services to U.K. users while relying on an alternative compliance route rather than holding its own FCA authorisation. The arrangement focuses on meeting the regulator's promotion and marketing requirements rather than on direct licensing.
Archax partnership and legal mechanism
The exchange will operate and market its services "under the auspices of London-based crypto exchange Archax," which holds a "special license" from the regulator to approve financial promotions. Ben Brown, chief compliance officer at Archax, said: "Archax is supporting Bybit’s compliant access to the UK market, building on our experience where we have previously helped other leading crypto exchanges, such as Coinbase and OKX, access the UK market without the need for their own authorisation." This partnership provides a compliance pathway for firms that do not hold direct FCA authorisation.
Statements from Bybit leadership
Bybit quoted Mykolas Majauskas, senior director of policy, saying: "The UK is home to one of the most sophisticated financial ecosystems in the world, and its clear regulatory direction makes it an ideal environment for responsible innovation." He added: "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." These remarks frame the relaunch as compliant market access with plans for additional offerings.
Implications for UK users and next steps
For U.K. customers, the immediate visible change is the resumption of spot trading across 100 currency pairs, giving users access to markets previously unavailable from Bybit in the country. The company’s emphasis on transparency and operating under Archax’s licensed approval mechanism is intended to align its marketing and promotional activity with FCA standards. Observers should watch for any announcements about new products and for formal licensing developments as the government moves toward a crypto rulebook by 2027.
Why this matters (short, for a miner in Russia)
If you run mining hardware in Russia, this relaunch is unlikely to directly change your mining operations, power use or hardware needs. However, if you use Bybit to convert mined coins, trade, or interact with U.K. customers, the way Bybit markets and offers services under Archax may affect which features and promotions are visible to U.K. residents.
In practical terms, the main points to note are that Bybit is back in the U.K. without its own licence and is relying on Archax to meet FCA promotion rules; this can influence product availability and the presentation of services to U.K. users. Keep an eye on official announcements from exchanges and any changes to terms of service that could affect trading access or withdrawal options.
What to do?
If you operate between 1 and 1,000 devices and interact with exchanges, follow these simple steps to stay secure and compliant:
- Check account access and terms: verify whether your Bybit account shows the resumed spot markets and read any updated terms or region-specific notices.
- Confirm promotional eligibility: if you use promotions or referral schemes, make sure they apply to your jurisdiction and you are not targeted as a U.K. resident.
- Keep records: retain transaction and communication records in case you need to demonstrate compliance with platform rules or local regulations.
- Monitor announcements: follow Bybit and Archax updates for changes to product availability or compliance arrangements.
- Consider alternatives: if you need exchange services governed by a local licence, review other platforms’ terms before moving funds.
For further background on UK regulatory steps and the planned rulebook, see the linked coverage of the FCA consultation and the government’s plans for a crypto rulebook below.
FCA consultation and crypto rulebook coverage provide more context on the regulatory landscape in the U.K.
