Crypto Exchange Bybit to Suspend Services To UK Customers

Bybit, the crypto derivatives exchange, is soon going to suspend services to UK clients on the last day of the month. The exchange cited new rules and regulations for crypto-based derivatives. To comply with the Financial Conduct Authority’s (FCA) ban on crypto derivatives, the exchange will cease to provide services to customers from the United Kingdom.

Crypto Exchange Bybit’s UK Customers

Bybit is one of the biggest crypto derivatives exchanges. According to the data, the exchange-traded over $11 billion on the past day.

Website analytic service suggested that the platform is popular among UK traders, with over 5% of all visitors are from the country. Meanwhile, the exchange is exploring options for new and existing clients and continuing to speak with local authorities. 

The exchange aims to continue revolutionizing the industry by fusing the best of cryptocurrency and traditional finance. The user-friendly platform has been designed from the ground-up using best-in-class infrastructure to provide users with the industry’s safest, fastest, fairest, and most transparent trading experience.

Crypto Exchange Bybit to Suspend Services

The exchange after announcing to cease the services to customers from the United Kingdom requests clients to close positions (if any) and withdraw funds before the end of March. The ban on the sale of crypto derivatives and Exchange-Traded Notes (ETN) was made last year. It is said that such products were “ill-suited for retail consumers” due to the volatile nature of underlying assets of crypto derivatives. 

The ban went into effect in January 2021, but Bybit chooses to carry basic operations to existing clients. However, the basic operations are not continued now, and UK-based users trying to make new accounts would be prevented. 

“Sign-ups using U.K. mobiles number and IP addresses will be restricted immediately,” said Bybit.

The fastest-growing cryptocurrency derivative exchange has more than millions of users registered with it. Built on customer-centric values, the exchange aims to provide a professional, smart, intuitive, and innovative trading experience.