- The exchange has reportedly excluded derivatives, margin, and leveraged products from its UK offering.
- Bybit withdrew from the UK market in 2023 after the FCA extended its financial promotion rules to crypto.
Bybit has revived access for British users with a scaled‑down spot and peer‑to‑peer offering while relying on Archax, an FCA‑authorised firm rather than seeking its own license in the country.
The Dubai-based exchange cut off UK retail users in late 2023 when the Financial Conduct Authority extended its financial promotion regime to crypto assets, forcing offshore platforms either to comply or leave.
The new rules, in force since October 2023, require any crypto firm targeting UK consumers to ensure that marketing is fair, clear, and not misleading, and to route promotions through one of four narrow gateways, including approval by an FCA‑authorized firm.
“Over the past year, we have built products shaped by the needs of UK users, and we are excited to mark not just a return, but the start of a new chapter where users gain access to a platform designed to support informed engagement with the digital-asset economy,” said Ben Zhou, Co-founder and CEO of Bybit, in the official announcement.
Rather than obtain its own authorization, Bybit has opted for a promotions arrangement with Archax, a London‑based digital asset exchange, broker, and custodian that appears on both the FCA investment firm register and the crypto asset register.
See Related: Wanchain Deploys New Bridges Connecting Moonbeam, Moonriver, Polkadot and Wanchain
Narrow Product Scope And Heavy Warnings
For now, Bybit’s UK relaunch deliberately avoids derivatives, margin, and other leveraged products that regulators often associate with higher retail harm.
The platform instead leans on spot trading and P2P, coupled with mandatory disclosures about the volatility of cryptoassets and the realistic possibility of losing the entire amount invested.
Consistent with FCA messaging, Bybit’s UK materials highlight that customers do not receive protection from the Financial Services Compensation Scheme or access to the Financial Ombudsman Service if something goes wrong.
Bybit’s narrative around rising UK crypto engagement sits awkwardly against the FCA’s latest consumer research, which indicates that the proportion of adults holding crypto has fallen from 12% to about 8%.
That backdrop means Bybit is not re‑entering a surging retail boom, but a smaller and more cautious market with a regulator that has become more interventionist on promotions and product design.
The FCA has repeatedly warned authorized firms that approve crypto promotions that it will hold them accountable for ensuring those communications meet the standards of being fair, clear, and not misleading.
