Cryptocurrency exchange Bitget has officially resumed its services in the United Kingdom, aligning with local financial regulations to ensure full compliance with the financial promotions regime. This development, confirmed on November 12, marks a significant turnaround since the platform temporarily limited its operations earlier this year.
In May, Bitget had paused certain aspects of its service offering in response to the new financial promotions regime introduced by UK authorities. The temporary suspension was part of a broader strategy to ensure that all marketing and promotional activities conducted by the exchange met the strict guidelines set forth by the Financial Conduct Authority (FCA).
Securing Necessary Approvals
The relaunch was enabled by securing approval from Archax, an independent financial promotions and marketing reviewer authorized by the FCA. This approval, received in the second quarter of 2024, allows Bitget to operate under the financial promotions regime, offering a layer of reassurance about its compliance with local regulations.
With the necessary approvals in place, Bitget is now poised to offer a wide array of cryptocurrency services within the UK market. This includes trading and custody services for a diverse range of crypto assets, including those tied to real-world assets. According to Bitget, the platform now supports over 150 different tokens, significantly more than many other exchanges operating in the region.
Gracy Chen, CEO of Bitget, emphasized the strategic nature of the UK relaunch, stating, “Entering the UK market under full compliance with the financial promotions regime allows us to offer a broad spectrum of digital assets, reflecting our commitment to adapting to the dynamic crypto landscape.”
Introduced in 2023, the financial promotions regime aims to protect UK consumers by ensuring that all crypto asset promotions are clear, fair, and non-misleading. This regulatory framework was established following extensive public consultations that began in 2021, underlining the UK government’s cautious yet structured approach to cryptocurrency regulation.
Enhanced Consumer Protection
The FinProm rules are designed to help consumers better understand the risks associated with crypto investments. By ensuring that financial promotions are straightforward and transparent, the FCA aims to prevent the misrepresentation of information and reduce the potential for consumer harm in the volatile crypto market.
Following the announcement, there has been a positive response from the market, reflecting confidence in Bitget’s commitment to compliance and customer protection. This regulatory milestone is expected to bolster Bitget’s position in the UK’s burgeoning crypto market, providing users with secure and regulated avenues for engaging with digital assets.
The reactivation of Bitget’s UK operations showcases the importance of regulatory compliance in maintaining stable and trustworthy markets. By adhering to the FCA’s financial promotions regime, Bitget not only aligns itself with local laws but also enhances its credibility among UK customers. This move could serve as a blueprint for other crypto businesses aiming to navigate similar regulatory environments globally. Adhering to such stringent compliance standards is not merely about legal necessity but also about building trust and ensuring the long-term sustainability of the crypto ecosystem.
