Bybit Resumes UK Operations After Two-Year Break

Highlights:

• Bybit returns to the UK after two years and now offers 100 crypto pairs.
• The exchange partners with Archax to follow rules and restart operations safely.
• Bybit rebounds from $1.46 billion hack, now managing over $6.2 billion in assets.

Bybit, the second-largest cryptocurrency exchange by trading volume, has resumed operations in the United Kingdom after a two-year absence. The Dubai-based platform launched a spot trading service with 100 crypto pairs. It also introduced a peer-to-peer marketplace through a partnership with London-based exchange Archax. 

Bybit left the UK after the Financial Conduct Authority banned unlicensed crypto platforms from advertising or offering services to British residents. These rules forced Bybit and other exchanges to stop local operations.

Bybit has collaborated with Archax, a firm that holds a special license to authorize financial promotions for unauthorized entities. Bybit can now reopen the platform as they desire while adhering to the compliance guidelines. Archax’s Chief Compliance Officer, Ben Brown, explained that the company is assisting Bybit in entering the UK market. He also clarified that Archax has assisted large exchanges such as Coinbase and OKX to function in the UK without licenses.

Bybit reentered the U.K. after a two-year exit, resuming spot trading on 100 crypto pairs under a framework that complies with FCA financial promotion rules. Bybit will operate and provide marketing of its services under the auspices of London-based crypto exchange Archax.…

— Wu Blockchain (@WuBlockchain) December 19, 2025

Bybit to Follow FCA Rules as UK Prepares Clear Crypto Regulations

Bybit is not directly licensed in the UK, but said it will follow the FCA’s rules for transparency and financial promotion. Mykolas Majauskas, Bybit’s senior director of policy, said the UK has a sophisticated financial system and clear regulations, making it ideal for responsible innovation.

The UK Treasury is drafting rules to bring cryptocurrencies and related services under FCA supervision from 2027, regulating exchanges and digital wallets like other financial products with transparency and compliance requirements. The government is also planning to ban political…

— Wu Blockchain (@WuBlockchain) December 15, 2025

The UK government plans to introduce laws by 2027 that will treat crypto assets like other financial products. Companies will need to meet transparency and operational standards under FCA supervision. The UK financial watchdog has begun a fresh stage of crypto regulation with multiple public consultations.

Lucy Rigby, minister for the City of London, told the Guardian that the UK wants to attract crypto firms. She added that the new rules will give firms clarity and consistency for long-term planning. FCA data shows 8% of adults held crypto this year, down from 12% in the previous year. Mid-size portfolios dominate, small holdings shrink.

Bybit Makes UK Comeback After Historic $1.46 Billion North Korea-Linked Hack

Bybit’s return to the UK follows a tough year for the exchange. In February, it suffered the largest hack in crypto history. North Korean actors reportedly stole $1.46 billion, mostly in Ether, from Bybit’s offline storage. The stolen funds were moved through multiple wallets and then liquidated. 

A few days later, the FBI linked the attack to North Korea, naming the group “TraderTraitor” as responsible. The theft brought North Korea’s total crypto theft to over $6.75 billion since 2016. Chainalysis said that this year’s hack broke the previous annual record of $681 million last year. It also marked the first time a nation-state stole more than $2 billion in crypto in a single year.

1/ In the first preview chapter of our 2026 Crypto Crime Report, we look at how North Korean hackers stole $2.02B in crypto during 2025, a 51% increase from 2024, pushing their all-time total to $6.75B: https://t.co/B9l4x1g9VM

— Chainalysis (@chainalysis) December 18, 2025

Bybit now manages over $6.2 billion in assets on its platform. Its return to the UK is a major development, especially amid global cybersecurity concerns.