Cryptocurrency exchange Bitget officially announced the relaunch of its platform in the United Kingdom, following a temporary restriction imposed earlier this year to comply with local regulations. The relaunch marks a significant milestone for Bitget as it aligns with the UK’s stringent financial promotions regime (FinProm), which was introduced to regulate cryptocurrency marketing and ensure transparency for consumers.
Bitget’s Compliance With The UK’s Financial Promotions Regime
Bitget’s reactivation in the UK follows a careful recalibration of its website to fully comply with the Financial Conduct Authority’s (FCA) regulations. The company had temporarily suspended new customer registrations in May 2024, citing the need to adjust its platform to meet the requirements set by the new FinProm laws. These regulations, which aim to safeguard consumers from misleading or unclear financial promotions in the crypto space, were introduced by the UK government in 2023 after extensive public consultations.
A Bitget spokesperson explained, “We decided to temporarily suspend accepting new customers until we have recalibrated our UK website to ensure we comply with the new regime.” This proactive step ensures that all crypto-related promotions and advertisements are in line with the FCA’s standards, promoting greater consumer protection and market transparency.
Archax Approval Paves the Way for Relaunch
The relaunch of Bitget’s platform in the UK has been made possible through the approval of Archax, a prominent independent Financial Promotions and Marketing reviewer authorized by the FCA. Archax’s role is critical in ensuring that Bitget’s content and promotions adhere to FCA guidelines. Bitget secured Archax’s approval in the second quarter of 2024, which allowed the exchange to offer its services under the new regulatory framework.
“Archax is authorized to review content to ensure compliance with FCA Financial Promotions requirements,” said a Bitget spokesperson. This regulatory oversight is a significant step toward creating a safer and more transparent environment for UK consumers in the crypto space.
Wide Range of Crypto Services Available
With regulatory approval in place, Bitget now offers UK users access to a broad array of cryptocurrency services. These include the trading and custody of over 150 tokens, including tokenized real-world assets. According to Bitget, this extensive offering is more than double the number of tokens available on competing platforms in the UK.
Gracy Chen, CEO of Bitget, expressed enthusiasm about the platform’s return to the UK market: “The entrance into the UK market under the regime allows us to bring users a wide variety of digital assets within the ever-changing crypto landscape.” This enhanced offering aims to position Bitget as a leading exchange for UK crypto enthusiasts, providing them with more options and flexibility than other platforms.
The UK’s FinProm regulations were introduced in 2023 to address growing concerns about misleading and high-risk promotions within the cryptocurrency industry. The rules require that crypto companies provide clear, fair, and not misleading information to consumers, helping them understand the risks associated with digital assets.
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Bitget’s compliance with these regulations underscores the exchange’s commitment to consumer protection, ensuring that UK users can confidently engage with the platform while being fully informed of the risks involved in cryptocurrency trading.
As the cryptocurrency landscape continues to evolve, Bitget’s adherence to the UK’s regulatory framework sets a positive example for other exchanges and showcases its determination to operate within the legal boundaries of its global markets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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