UK Crypto Market Entering a Phase of Maturity, Says Bybit Policy Director

Bybit:- Bybit, the leading crypto exchange, ended the week with a major market move: re-entering the UK. The relaunch is notable because Bybit previously suspended UK services in 2023 amid the introduction of stricter financial-promotion rules.

But this is not a sprint to grab share. According to Mykolas Majauskas, Senior Policy Director at Bybit, the relaunch reflects a long-term, readiness-first strategy. Relaunch only once the exchange was confident it could meet local expectations on governance, compliance and customer protection.

“The UK remains a strategically important market, with a sophisticated user base and a regulatory environment that is moving toward greater clarity and structure,” Mykolas told Block of Fame.

“Bybit’s decision to re-enter was not driven by timing, but by readiness. We chose to launch in UK once we were confident we could operate in line with local requirements and expectations. This follows a period of focused preparation on compliance, product design and governance, rather than speed to market.”

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A return that looks different

Mykolas is careful to frame the move as a durable commitment rather than a marketing manoeuvre. “We define our UK market entry as a long term commitment to serving UK customers with a strong governance, robust compliance and transparent communications,” he says.

“The focus is on building solid foundations first and scaling in a measured way, with a clear emphasis on customer protection, market integrity and operational resilience.”

After 2023, UK has developed a layered regulatory structure. Crypto firms must first comply with anti-money-laundering registration and financial-promotion rules.

Interestingly, while Bybit has passed AML and promotion checks, it  isn’t getting a full FCA authorisation. Bybit will be operating UK services under a regulatory framework that routes promotion/oversight through a UK-authorised partner – Archax. That lets Bybit market to UK users while aligning with the FCA’s financial-promotion rules.

And on obtaiting FCA authorization, Mykolas says, “We see the UK as a strategic, long-term market. Our current approach reflects a phased entry, working with established, authorised partners while we continue to build operational, governance and regulatory foundations for a sustainable UK presence.”

That distinction matters. Where earlier market entries across the industry sometimes prioritised rapid expansion, Bybit’s playbook for the UK – at least as described by Mykolas – is to match product availability with regulatory guardrails.

As per revelation in PR, as of now, it is going to offer UK users access to spot trading on 100 pairs and P2P with near-term phased rollout.

Product slate to be shaped by regulation

When asked which services Bybit plans to to offer in the UK, Mykolas was explicit: product availability will be driven by local requirements.

“Services available to UK users are shaped by local requirements first. That means a more limited and controlled offering, supported by clear risk disclosures and user protections. Product availability is guided by regulatory considerations, not simply by market demand.”

In practice, that typically means core spot and vetted custody services first. This could be followed by more complex derivatives or leverage products. But Bybit’s approach signals that the exchange increasingly views product governance as part of the user-protection mandate regulators expect.

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Strict Marketing Standards in a Maturing UK Market

Bybit’s return to Britain becomes further significant at a moment when the UK’s crypto regulatory architecture is actively taking shape.

Just this week, the Financial Conduct Authority (FCA) launched a wide-ranging public consultation on proposed crypto rules. These span from listings, market abuse controls to platform standards and prudential safeguards. The regulator is ensuring that firms entering the market must now clear a far higher compliance bar.

This regulatory environment has shifted markedly since 2023, especially around financial promotions, consumer disclosures and marketing practices. Mykolas points to the operational impact of those changes.

“Our operations now are structured around strict marketing standards, enhanced internal controls and a clearer separation between global and UK-specific user journeys,” he says.

That emphasis reflects a broader change in how crypto platforms must approach the UK. Looking ahead, Mykolas expects the market itself to continue maturing.

“The UK market is entering a phase of maturity, with users placing greater emphasis on credibility, risk management and long-term participation rather than short-term speculation. That shift is influencing how platforms engage users locally,” he adds.

Recent data supports that view. Crypto adoption in the UK is evolving rather than accelerating outright. The Financial Conduct Authority’s (FCA) latest consumer research shows ownership declined from 12% in 2024 to around 8% of UK adults in 2025.

At the same time, average holdings increased, pointing to consolidation among fewer, but more committed, participants.

Against that backdrop, Bybit’s UK relaunch serves as a reminder that re-entry strategies in regulated markets are rarely simple reruns of earlier playbooks.

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For exchanges, the implication is clear: winning market share increasingly depends on trust, transparency and operational resilience. It is not simply on product breadth or promotional intensity.

And as Mykolas put it, Bybit’s decision was about being “ready.” In an era of rising regulatory scrutiny and maturing user demands, readiness may well be the most valuable competitive advantage of all.