thenewscrypto.com
- Bybit’s exit from the UK is a direct response to the new marketing regulations introduced by the FCA.
- From Oct 1, Bybit stops new customer sign-ups, and starting Oct 8, existing customers will have restrictions.
Dubai-based cryptocurrency exchange Bybit has announced its decision to suspend operations in the United Kingdom in response to recent regulatory developments. The move comes after the Financial Conduct Authority (FCA) introduced new marketing regulations for crypto businesses.
Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit
— Bybit (@Bybit_Official) September 22, 2023
Find out more here: https://t.co/ubKN3NrFhE pic.twitter.com/06ucS4giKV
Starting October 1, new customers will be unable to open accounts with Bybit. Additionally, beginning on October 8, existing customers will no longer be allowed to add funds, create new contracts, or increase their positions on the platform. However, they will retain the ability to reduce and close their existing positions and withdraw their funds from the platform.
This decision follows Bybit’s earlier statement that it was exploring all possible options to continue operating in the UK. The exchange’s move reflects the evolving landscape of cryptocurrency regulations worldwide, with companies adapting to meet the changing requirements imposed by regulatory authorities.