The cryptocurrency
exchange, Bybit has quashed reports suggesting its intention to exit the United
Kingdom ahead of the nation’s new financial regulations set to take effect on
October 8, 2023.
Earlier
this week, various media outlets circulated claims that Bybit was considering
withdrawing its services from the UK due to the perceived strictness of the new
marketing rules for crypto firms. However, Bybit swiftly responded to these
reports, asserting its commitment to the UK market and a willingness to work with
regulators to find mutually agreeable solutions.
Bybit’s
Pledge for Long-Term Presence
Reports
initially surfaced earlier this week, claiming that Bybit, an exchange based
in Dubai, was planning to exit the UK market and potentially other
jurisdictions with rigid crypto regulations. The reports cited concerns over
the UK’s new financial promotion rules, which are designed to enhance customer
protection and understanding of crypto investments.
At Bybit, we consider the UK to be a highly important market for the advancement of crypto and blockchain technologies. Our commitment to this market is unwavering, and we intend to maintain our presence in the UK for the long term. Meanwhile, we are dedicated to working…
— Bybit (@Bybit_Official) September 14, 2023
In
response to the media reports, Bybit issued a statement on the social media
platform X, strongly reaffirming its dedication to the UK market. The statement
emphasized the UK’s significance in advancing crypto and blockchain
technology and Bybit’s unwavering commitment to maintaining a presence in the
country for the long term.
Additionally,
Bybit expressed its intention to
collaborate with UK regulators to ensure compliance with the new financial
promotion rules.
Bybit’s
Co-Founder and CEO, Ben Zhou, commented on the situation, highlighting the
exchange
‘s priority of regulatory compliance. Zhou stated that discussions with
UK regulators were ongoing to find the best possible solution that aligns with
the interests of all parties involved.
He
emphasized the exchange’s commitment to keeping its community informed about
developments.
Overview
of the UK’s Financial Conduct Authority (FCA)
The
move by Bybit comes in response to the regulatory changes introduced by the
UK’s Financial Conduct Authority (FCA
) in June 2023. These changes aimed to
enhance transparency and customer protection within the crypto sector,
particularly focusing on ensuring that UK customers fully comprehend the risks
associated with crypto investments.
The
FCA also outlined various routes for asset promotion, including those involving
FCA-authorized personnel or crypto companies registered with the FCA.
Bybit
Launches TradeGPT: AI-Powered Crypto Trading Education
Bybit has introduced TradeGPT, an AI-powered education tool
designed to enhance traders’ engagement with the crypto market. Unlike
conventional AI, TradeGPT offers real-time market data and access to Bybit’s
extensive market data, trading analytics, and technical analysis tools.
It
serves as a mentor and guide for users, providing real-time market analysis,
multilingual support, personalized guidance, and assistance in understanding
market trends and formulating investment strategies.
This
move follows similar initiatives by other cryptocurrency companies, such as
Crypto.com’s AI-enabled platform, Amy, and Binance‘s
AI-powered learning tool, Binance Sensei.
The
integration of AI into the cryptocurrency industry is seen as a symbiotic
relationship, with AI’s data processing capabilities aiding cryptocurrency scalability and transaction
processing, while cryptocurrencies incentivize AI research and development.
This
synergy could foster innovation and collaboration in both sectors, creating
secure, transparent platforms for exchanging AI-generated insights without
intermediaries, according to a report by Finance
Magnates.
The cryptocurrency
exchange, Bybit has quashed reports suggesting its intention to exit the United
Kingdom ahead of the nation’s new financial regulations set to take effect on
October 8, 2023.
Earlier
this week, various media outlets circulated claims that Bybit was considering
withdrawing its services from the UK due to the perceived strictness of the new
marketing rules for crypto firms. However, Bybit swiftly responded to these
reports, asserting its commitment to the UK market and a willingness to work with
regulators to find mutually agreeable solutions.
Bybit’s
Pledge for Long-Term Presence
Reports
initially surfaced earlier this week, claiming that Bybit, an exchange based
in Dubai, was planning to exit the UK market and potentially other
jurisdictions with rigid crypto regulations. The reports cited concerns over
the UK’s new financial promotion rules, which are designed to enhance customer
protection and understanding of crypto investments.
At Bybit, we consider the UK to be a highly important market for the advancement of crypto and blockchain technologies. Our commitment to this market is unwavering, and we intend to maintain our presence in the UK for the long term. Meanwhile, we are dedicated to working…
— Bybit (@Bybit_Official) September 14, » …
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