TechFlow news, according to The Block, Ben Zhou, co-founder and CEO of Bybit, said that Bybit expects to exit the UK market before the country's new marketing rules take effect on October 8.
The UK Financial Conduct Authority (FCA) will implement new regulations on October 8, including establishing a cooling-off period for first-time investors, aiming to make cryptocurrency product marketing more transparent and accurate.
"The FCA has clearly contacted all major players—Bybit, OKX, Binance, and so on—and asked us about our plans for complying with this new law. Under the new rules, if you use English as your language, they will consider that you are attempting to solicit their users, so you cannot claim you are engaged in reverse solicitation," Zhou said.
For Bybit, the most likely outcome is that the exchange will completely disengage from the UK, Zhou added.
