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Title: Bybit exits the UK markets amidst regulatory issues. Post by: Zee27 on September 26, 2023, 11:28:48 PM Effective from the 8th of October 2023, Bybit exchange will suspend it's products and services in the UK, stating regulatory developments as the reason for this action.
I've got an honest question, why are some exchanges complying with the regulations that some other exchanges are refusing to comply with? Doesn't this question the intention and intergrity of such exchange? Source: https://twitter.com/simontwits/status/1706233240535674886?t=Wiz_7Dj4HIKZKkDKETKaCw&s=19 Title: Re: Bybit exits the UK markets amidst regulatory issues. Post by: FinneysTrueVision on September 27, 2023, 05:17:10 AM Bybit offers derivative and margin trading which is considered more riskier by regulators. There are also other aspects of the exchange, such as their referral and VIP programs, which might have violated new rules which take effect in a few weeks. As one of the largest exchanges it would be difficult for them to be non-compliant without facing any legal trouble. Even PayPal has had to pause the crypto part of their business in the UK.
Title: Re: Bybit exits the UK markets amidst regulatory issues. Post by: Text on September 27, 2023, 06:11:05 AM I think it is just a simple strategic business decision. It is possible that they are trying to avoid the costs and burdens of complying with UK regulations, which can be restrictive. Also, they may be concerned that these regulations will limit their ability to operate as they want to.
If you question their intentions and integrity, that's up to you to judge. These UK regulations for crypto exchanges are becoming challenging. This is the reason why they temporarily suspended their services in the market for UK customers. Quote DUBAI, United Arab Emirates, Sept. 22, 2023 — Bybit has always aimed to operate our business in compliance with all relevant rules and regulations in the UK. In response to the UK Financial Conduct Authority's introduction of new rules concerning marketing and communications by crypto businesses, as outlined in the June 2023 Policy Statement (PS23/6) titled 'Financial Promotion Rules for Crypto assets,' Bybit has made the proactive choice to embrace this regulation and temporarily pause our services in this market. This suspension will allow the company to focus its efforts and resources on better meeting the regulations set by UK authorities in the future. For the full details of the announcement made on September 22, please visit: https://announcements.bybit.com/en-US/article/announcement-bybit-to-suspend-services-in-the-uk-blt286daa9208c8f3aa Title: Re: Bybit exits the UK markets amidst regulatory issues. Post by: EarnOnVictor on September 27, 2023, 10:26:49 PM I wonder how you didn't see the same topic created by @ImThour at https://bitcointalk.org/index.php?topic=5466781.msg62907944#msg62907944. The topic has had 2 pages already, so you might consider telling moderators to delete this one for you.
Try to read at least the first page of the section you want to create a topic to avoid duplication. Title: Re: Bybit exits the UK markets amidst regulatory issues. Post by: Zee27 on September 28, 2023, 03:29:42 PM Bybit offers derivative and margin trading which is considered more riskier by regulators. There are also other aspects of the exchange, such as their referral and VIP programs, which might have violated new rules which take effect in a few weeks. As one of the largest exchanges it would be difficult for them to be non-compliant without facing any legal trouble. Even PayPal has had to pause the crypto part of their business in the UK. . Woah I really didn't know about the PayPal halt too. To a large extent yeah, I'm now realising that these regulations aren't that easy to comply with. At the end of the day it is the investors in those regions that gets affected when these exchanges exits their markets as they're now saddled with the responsibility of looking for an alternative exchange. Title: Re: Bybit exits the UK markets amidst regulatory issues. Post by: Zee27 on September 28, 2023, 03:35:49 PM I think it is just a simple strategic business decision. It is possible that they are trying to avoid the costs and burdens of complying with UK regulations, which can be restrictive. Also, they may be concerned that these regulations will limit their ability to operate as they want to. If you question their intentions and integrity, that's up to you to judge. These UK regulations for crypto exchanges are becoming challenging. This is the reason why they temporarily suspended their services in the market for UK customers. Quote DUBAI, United Arab Emirates, Sept. 22, 2023 — Bybit has always aimed to operate our business in compliance with all relevant rules and regulations in the UK. In response to the UK Financial Conduct Authority's introduction of new rules concerning marketing and communications by crypto businesses, as outlined in the June 2023 Policy Statement (PS23/6) titled 'Financial Promotion Rules for Crypto assets,' Bybit has made the proactive choice to embrace this regulation and temporarily pause our services in this market. This suspension will allow the company to focus its efforts and resources on better meeting the regulations set by UK authorities in the future. For the full details of the announcement made on September 22, please visit: https://announcements.bybit.com/en-US/article/announcement-bybit-to-suspend-services-in-the-uk-blt286daa9208c8f3aa I understand that it is challenging to comply with these regulations no doubt, the reason I said that I'm suspicious is due to the fact that some exchanges, Bitget for example is complying with the same regulations, why aren't the other exchanges doing same? Are there different regulations for each and every exchange in those regions with stringent regulations? Title: Re: Bybit exits the UK markets amidst regulatory issues. Post by: Jascrypt on October 07, 2023, 09:50:09 PM I think it is just a simple strategic business decision. It is possible that they are trying to avoid the costs and burdens of complying with UK regulations, which can be restrictive. Also, they may be concerned that these regulations will limit their ability to operate as they want to. If you question their intentions and integrity, that's up to you to judge. These UK regulations for crypto exchanges are becoming challenging. This is the reason why they temporarily suspended their services in the market for UK customers. Quote DUBAI, United Arab Emirates, Sept. 22, 2023 — Bybit has always aimed to operate our business in compliance with all relevant rules and regulations in the UK. In response to the UK Financial Conduct Authority's introduction of new rules concerning marketing and communications by crypto businesses, as outlined in the June 2023 Policy Statement (PS23/6) titled 'Financial Promotion Rules for Crypto assets,' Bybit has made the proactive choice to embrace this regulation and temporarily pause our services in this market. This suspension will allow the company to focus its efforts and resources on better meeting the regulations set by UK authorities in the future. For the full details of the announcement made on September 22, please visit: https://announcements.bybit.com/en-US/article/announcement-bybit-to-suspend-services-in-the-uk-blt286daa9208c8f3aa I understand that it is challenging to comply with these regulations no doubt, the reason I said that I'm suspicious is due to the fact that some exchanges, Bitget for example is complying with the same regulations, why aren't the other exchanges doing same? Are there different regulations for each and every exchange in those regions with stringent regulations? You are on point and thats why i feel Ben will need to release a statement explaining why the sudden exit. If like you pointed out, a fellow top 5 derivative exchange is still operating there without issue then we deserve more explanation. A similar same scenario played out in Canada and while Bybit and binance left Gracy Chen's team decided to stay back. |