Cryptocurrency exchange Bitget has relaunched its application in the United Kingdom after temporarily restricting access to comply with local financial regulations.
On November 12, Bitget confirmed that it had reactivated its UK website, now fully compliant with the Financial Promotions regime, the exchange told Cointelegraph. The relaunch comes a few months after Bitget had restricted its services in the UK in May to adjust to the new regulations.
“Bitget has been monitoring the new Financial Promotions regime and decided to temporarily suspend accepting new customers until we recalibrated our UK website to ensure compliance,” a spokesperson for Bitget said.
Bitget’s re-entry into the UK market was enabled through approval from Archax, a Financial Conduct Authority (FCA)-authorized firm that reviews financial promotions for compliance. The crypto exchange received Archax’s approval in the second quarter of 2024, allowing it to resume its services under the new regulatory framework.
“Archax is an independent Financial Promotions and Marketing reviewer authorized by the FCA to ensure content compliance with FCA Financial Promotions requirements,” the spokesperson added. Archax has been registered with the FCA since 2020 and can review and approve financial promotions.
With Archax’s approval, Bitget can now offer a range of crypto services in the UK, including trading and custody of various digital assets, including tokenized real-world assets. According to a spokesperson, Bitget has over 150 tokens available in the UK, which is more than double the offerings of other exchanges.
“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,” Bitget CEO Gracy Chen said.
The UK government introduced the Financial Promotions regime for cryptocurrency firms in 2023, following public consultations since 2021. The goal of the regime is to ensure that consumers understand the risks associated with crypto assets and that financial promotions are fair, clear, and not misleading.