UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Bitget’s return to the UK was facilitated by a partnership with Archax, an FCA-authorized reviewer who oversees adherence to the FCA's financial promotion guidelines. The collaboration underscores the importance of FCA compliance for exchanges seeking to operate in the UK’s regulated environment.

London-based fintech Revolut has also made a move in the market by launching Revolut X, a cryptocurrency exchange tailored for experienced traders. As one of the first banks to establish a dedicated crypto exchange, Revolut’s platform aims to cater to rising consumer interest while adhering to regulatory standards, highlighting the intensifying competition within the UK's crypto sector.