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Should Exchange Bend to Strict Regulations?


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Recently, Bybit shockingly announced the suspension of its services to the UK region due to strict regulatory measures by the region. This action by Bybit could further discourage crypto adoption, which is necessary for developing this industry. Strict regulations have continued to deprive crypto access/adoption to many users for a while. The regulatory bodies normally claim their action is in the interest of their citizens (to protect them from unsuspecting activities that could harm them) while some exchange feel this action is a sinister attack on them so the decision to suspend their service to such region. One question boggled my mind;

i) Why can't exchange blend to those regulations?

iii) Why are other exchanges surviving in such a region?

The crypto industry is still young as such we expect some challenges and differences in opinions but finding a common ground that will ensure its development and growth should be paramount. That is why I feel exchanges and regulatory bodies need to work together for the betterment of this industry. While waiting for that scenario to play out which other exchange will you suggest for the users affected by this decision to use and what are your opinions on this strict regulations

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On 28/09/2023 at 15:39, Captainsaudi said:

Recently, Bybit shockingly announced the suspension of its services to the UK region due to strict regulatory measures by the region. This action by Bybit could further discourage crypto adoption, which is necessary for developing this industry. Strict regulations have continued to deprive crypto access/adoption to many users for a while. The regulatory bodies normally claim their action is in the interest of their citizens (to protect them from unsuspecting activities that could harm them) while some exchange feel this action is a sinister attack on them so the decision to suspend their service to such region. One question boggled my mind;

i) Why can't exchange blend to those regulations?

iii) Why are other exchanges surviving in such a region?

The crypto industry is still young as such we expect some challenges and differences in opinions but finding a common ground that will ensure its development and growth should be paramount. That is why I feel exchanges and regulatory bodies need to work together for the betterment of this industry. While waiting for that scenario to play out which other exchange will you suggest for the users affected by this decision to use and what are your opinions on this strict regulations

It's just unfortunate that Bybit is shutting their doors against their UK users for the countries introduction of the new FCA regulations called the "travel rule" which seeks to tighten AML guidelines. I really think this regulation will protect the integrity of crypto platforms operations in the long term. However, I commend other compliant exchanges like bitget for providing alternative for most users there and I know there also some native exchanges that will still thrive under these new regulations

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On 05/10/2023 at 05:39, Emon said:

Don't like the way Bybit treating their UK users😩. As for Kraken, I don't think they(UK Users) can access futures. They may go to Bitget because it's the most convenient option imo!

Not quite sure how most of the other exchanges operate in UK except for few but like you said many have affirmed Bitget's availability with derivative services. OKX, Kraken and few others seems to be available but restricted to spot trading and this begs the question of why did Bybit leave UK while others are staying back.

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