Originally published on: November 12, 2024
Bitget, the popular cryptocurrency exchange, has made a grand re-entry into the UK market after a necessary compliance update to meet the rules set by the Financial Conduct Authority (FCA).
Previously, Bitget had to restrict access to its platform in the United Kingdom to ensure compliance with local laws. However, as of November 12, the exchange has reactivated its UK website, now fully aligned with the financial promotions regime as per Bitget’s confirmation to Cointelegraph.
This relaunch follows a brief hiatus earlier in the year when Bitget took steps to abide by the financial promotions regime in May 2024. A spokesperson for the exchange explained, “Bitget has been monitoring the new Financial Promotions regime and decided to temporarily suspend accepting new customers until we have recalibrated our UK website to ensure we comply with the new regime.”
Bitget’s return to the UK has been made possible through the approval of Archax for FinProm and promotion activities in the country. Having received Archax’s approval in the second quarter of 2024, Bitget is now in a position to offer its UK users a comprehensive range of crypto services, including trading and custody of various crypto assets, including tokenized real-world assets.
Commenting on the approval by Archax, a Bitget spokesperson said, “Archax is an independent Financial Promotions and Marketing reviewer authorized by the FCA to review content to ensure it is compliant with FCA Financial Promotions requirements.”
Bitget’s CEO, Gracy Chen, expressed excitement about the reentry into the UK market, stating, “The entrance into the UK market under the regime allows us to bring users a wide variety of digital assets within the everchanging crypto landscape.”
The introduction of the FinProm regime in 2023 by the UK government seeks to ensure that consumers are well-informed about the risks associated with crypto assets and that financial promotions related to crypto assets are fair, clear, and not misleading.
With over 150 tokens available for UK users, Bitget aims to provide a diverse range of digital assets to cater to the evolving needs of the crypto market. This move signifies Bitget’s commitment to regulatory compliance and providing a seamless trading experience to its customers in the UK.
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