Bybit Relaunches UK Services After Two-Year Absence

Global cryptocurrency exchange Bybit has relaunched its services in the United Kingdom after a two-year absence, offering spot trading on 100 cryptocurrency pairs to British users through a partnership that complies with local financial regulations.

The exchange, which ranks among the world's largest by trading volume and serves around 80 million users globally, halted new UK account signups in late 2023 and closed existing positions by early 2024. This followed the introduction of stricter rules by the Financial Conduct Authority on the promotion and marketing of crypto assets, which prompted several firms to withdraw from the market. Bybit's return, announced this week, allows UK residents to open new accounts and access approved services, including peer-to-peer trading functionality, while adhering to mandatory anti-money laundering and know-your-customer procedures.

To operate without its own FCA authorization, Bybit is partnering with Archax, a London-based firm licensed by the regulator to approve financial promotions. This arrangement enables Bybit to market and provide services to UK consumers legally, a model that has also supported other exchanges like Coinbase and...