Bitget is back in the country after fully complying with the newest crypto and financial promotions regulations.
The UK clients could help expand the current user base of 45 million and boost trading volumes even further.
After a
six-month partial absence from the UK market, cryptocurrency exchange Bitget
has re-entered Europe’s investment capital, this time fully compliant with
local regulations, including the Financial Promotions Regime (FPR).
Bitget Returns to The UK
After Six-Month Hiatus
In early
May 2024, Bitget notified its UK users that it was forced to “temporarily
restrict onboarding of new users” due to “recent regulatory changes” introduced
by the Financial Conduct Authority (FCA).
However,
the company assured customers that it would “be back soon with a new compliant
product offering for the UK on our website and mobile applications.”
Although it
took some time, Bitget has fulfilled its promise and, as of today (Tuesday),
announced a full re-entry into the UK crypto market, fully compliant with the
FPR, which
came into force over a year ago.
“Compliance
is the core of our expansion strategy,” said Bitget CEO Gracy Chen.
“The entrance into the UK market under the regime allows us to bring users
a wide variety of digital assets within the ever-changing crypto
landscape.”
New regulations have made entering the local market significantly more challenging. According to data obtained through a Freedom of Information (FOI) request by the global law firm Reed Smith in August 2024, applications for registration as a crypto-asset exchange or custodian wallet provider have decreased by 51% over the past three years.
The
expansion comes through a partnership with Archax, which will enable UK users
to access crypto trading and custody services, including tokenized real-world
assets. The platform will offer British traders access to over 150
cryptocurrencies. According to company representatives, it significantly
surpasses the token variety available through many global competitors.
“We
are dedicated to upholding high standards of the Regime, providing UK investors
with access to a transparent trading experience,” added Archax's Head of Regulation,
Julia Loder.
The return
certainly wouldn’t have been possible without the efforts of the exchange’s new
Legal Chief, Hong
Ng, who previously worked with Binance. In an interview with Finance
Magnates two months ago, Ng
emphasized that “strong compliance doesn’t have to stifle innovation—in fact, it can enable it.”
How Financial Promotions
Regime Work
The FPR
is a regulatory framework in the UK that governs how financial products and
services are marketed to the public, aiming to protect consumers from
misleading or harmful promotions. Currently in the UK market financial
promotions from offshore crypto exchanges must be vetted by approved local
entities.
Key
Aspects of the Financial Promotions Regime:
Authorization
Requirement:
Promotions must be communicated or approved by an FCA-authorized firm to ensure
that the messaging is accurate, fair, and not misleading.
Clear
and Transparent Communication: The regime mandates that financial promotions must be clear, fair, and
transparent.
Specific
Exemptions: Some
financial promotions are exempt from the regime's rules. These exemptions
include promotions to high-net-worth individuals or certain professionals.
New FCA
Powers: With recent
regulatory changes, the FCA has been granted additional powers to intervene
more swiftly in cases of non-compliance, including the ability to ban certain
promotions outright if they pose significant consumer risk.
Digital
and Social Media Advertising: The regime also applies to online promotions, ensuring that financial
advertisements on social media and digital platforms meet the same standards as
traditional channels.
Criminal
Liability for Breaches: This means that individuals or companies could face prosecution if
they knowingly or recklessly promote financial products without following
regulatory guidelines.
Founded in
2018, Bitget currently serves over
45 million users across 150+ countries and regions, offering features such
as copy trading and Web3 solutions through its integrated wallet service.
After a
six-month partial absence from the UK market, cryptocurrency exchange Bitget
has re-entered Europe’s investment capital, this time fully compliant with
local regulations, including the Financial Promotions Regime (FPR).
Bitget Returns to The UK
After Six-Month Hiatus
In early
May 2024, Bitget notified its UK users that it was forced to “temporarily
restrict onboarding of new users” due to “recent regulatory changes” introduced
by the Financial Conduct Authority (FCA).
However,
the company assured customers that it would “be back soon with a new compliant
product offering for the UK on our website and mobile applications.”
Although it
took some time, Bitget has fulfilled its promise and, as of today (Tuesday),
announced a full re-entry into the UK crypto market, fully compliant with the
FPR, which
came into force over a year ago.
“Compliance
is the core of our expansion strategy,” said Bitget CEO Gracy Chen.
“The entrance into the UK market under the regime allows us to bring users
a wide variety of digital assets within the ever-changing crypto
landscape.”
New regulations have made entering the local market significantly more challenging. According to data obtained through a Freedom of Information (FOI) request by the global law firm Reed Smith in August 2024, applications for registration as a crypto-asset exchange or custodian wallet provider have decreased by 51% over the past three years.
The
expansion comes through a partnership with Archax, which will enable UK users
to access crypto trading and custody services, including tokenized real-world
assets. The platform will offer British traders access to over 150
cryptocurrencies. According to company representatives, it significantly
surpasses the token variety available through many global competitors.
“We
are dedicated to upholding high standards of the Regime, providing UK investors
with access to a transparent trading experience,” added Archax's Head of Regulation,
Julia Loder.
The return
certainly wouldn’t have been possible without the efforts of the exchange’s new
Legal Chief, Hong
Ng, who previously worked with Binance. In an interview with Finance
Magnates two months ago, Ng
emphasized that “strong compliance doesn’t have to stifle innovation—in fact, it can enable it.”
How Financial Promotions
Regime Work
The FPR
is a regulatory framework in the UK that governs how financial products and
services are marketed to the public, aiming to protect consumers from
misleading or harmful promotions. Currently in the UK market financial
promotions from offshore crypto exchanges must be vetted by approved local
entities.
Key
Aspects of the Financial Promotions Regime:
Authorization
Requirement:
Promotions must be communicated or approved by an FCA-authorized firm to ensure
that the messaging is accurate, fair, and not misleading.
Clear
and Transparent Communication: The regime mandates that financial promotions must be clear, fair, and
transparent.
Specific
Exemptions: Some
financial promotions are exempt from the regime's rules. These exemptions
include promotions to high-net-worth individuals or certain professionals.
New FCA
Powers: With recent
regulatory changes, the FCA has been granted additional powers to intervene
more swiftly in cases of non-compliance, including the ability to ban certain
promotions outright if they pose significant consumer risk.
Digital
and Social Media Advertising: The regime also applies to online promotions, ensuring that financial
advertisements on social media and digital platforms meet the same standards as
traditional channels.
Criminal
Liability for Breaches: This means that individuals or companies could face prosecution if
they knowingly or recklessly promote financial products without following
regulatory guidelines.
Founded in
2018, Bitget currently serves over
45 million users across 150+ countries and regions, offering features such
as copy trading and Web3 solutions through its integrated wallet service.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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