Crypto exchange Bitget has restarted its services in the UK.
Global crypto exchange relaunched its platform in the United Kingdom following a temporary takedown in May due to the country’s Financial Promotions Regime, which also came into effect in the same month. The exchange blocked its services to UK users to come back with enough measures to comply with the regulations and the country’s premier financial authority, the Financial Conduct Authority (FCA).
“As you may be aware, recent regulatory changes by the FCA require cryptoasset providers to implement additional measures,” the exchange said in a May 3 announcement on its website. “We are hard at work to finalise approval of the implemented measures and until we do, we will temporarily restrict onboarding of new users in the UK. We apologize for the inconvenience.” It assured users that it would return with a compliant offering.
Archax Ltd, a private firm authorized by the FCA to process approvals for financial enterprises, permitted Bitget to reopen its doors for UK-based users. The exchange was given the green light to operate within the bounds of the Financial Promotions regulation in the second quarter of 2024. However, it looks like Bitget has taken the time to roll out its offerings in the country again. Archax has been approving such applications since 2020 under the FCA.
The regulator introduced the Financial Promotions rules in 2023 after a consultation process in 2021. This act works to keep crypto users safe by ensuring firms relay the risky nature of the assets they service. Furthermore, it prevents misleading marketing that promises more than what the assets can deliver, keeping things fair and clear.
Users can now harness Bitget for a variety of uses, like trading and custody. The platform offers about 150 cryptocurrencies to users, which includes tokens like real-world assets (RWAs), at a time when UK crypto enthusiasts want to get their hands on the asset class.
The UK Declines a Whopping Majority of Crypto License Applicants
The growing demand contrasts with the tough luck crypto firms have obtaining operational licenses from the FCA. A report from the regulator revealed that 87% of crypto firms applying for licenses do not receive them. Nevertheless, the agency defended itself by saying that it does not blindly turn down applications but rather does not take it easy to protect UK residents.
“Terrorism, organised crime, sanctions evasion and human trafficking are just some of the real-world issues we’re helping tackle by maintaining the standards the Money Laundering Regulations (MLRs) require,” an FCA spokesperson mentioned in October.
