Crypto exchange Bybit is exiting the UK ahead of the implementation of new advertisement and marketing rules.
Crypto exchange Bybit is exiting the UK ahead of the implementation of new advertisement and marketing rules.
Bybit to leave UK
Dubai-registered and headquartered exchange Bybit has announced that it is suspending services to the United Kingdom in response to new rules from the country’s Financial Conduct Authority (FCA).
Bybit said on September 22 that it would stop accepting new account applications beginning on October 1 in order to discontinue services to UK citizens. The suspension of new deposits, contracts, and position adjustments for current users will occur after this action on October 8.
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“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses. […] Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” said the firm.
Bybit will have the chance to realign its services in accordance with the FCA’s new rules thanks to the suspension. By January 8, 2024, UK customers are urged to close off positions; after that date, open positions will be liquidated.
The FCA has highlighted October 8 as the day for crypto firms to comply with the new regime. The regulations seek to enhance transparency in the crypto space in order to safeguard consumer interests.
But has also announced a similar exit in Canada in May, also citing regulatory concerns.
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