Bybit, a global cryptocurrency exchange, has announced its decision to suspend its services in the United Kingdom. The announcement, made on September 22, 2023, comes in response to new regulations introduced by the UK Financial Conduct Authority (FCA) earlier this year, aiming to govern the marketing and communications practices of crypto businesses.
Bybit’s proactive decision to embrace these new regulations signifies the company’s commitment to operating within the legal framework set by UK authorities. The FCA’s policy statement, titled “Financial Promotion Rules for Crypto assets” (PS23/6), outlined stringent rules and guidelines that crypto businesses must adhere to in their marketing and communication efforts.
As of October 1, 2023, at 8 AM UTC, Bybit will cease accepting new account opening applications from UK residents and nationals, collectively referred to as “UK Customers.” Existing users will also face restrictions, beginning on October 8, 2023, at 8 AM UTC. UK Customers will no longer be able to make new deposits, create new contracts, or increase their existing positions for all products and services offered by Bybit. However, they will retain the ability to reduce and close their existing positions and withdraw their funds from the platform.
Crucially, UK Customers affected by these measures are strongly encouraged to take action before January 8, 2024, at 8 AM UTC, to manage and wind down their positions. Failure to do so will result in the automatic liquidation of their open positions, with the liquidation funds made available for withdrawal.
Bybit’s decision to suspend its UK services underscores the evolving landscape of cryptocurrency regulation worldwide. As the adoption of cryptocurrencies continues to surge globally, the company is dedicated to providing a secure and compliant trading environment for its users. Bybit recognizes the importance of establishing robust regulatory safeguards to protect both investors and the integrity of the industry.
In an official statement, Bybit expressed its regret for any inconvenience this suspension may cause to its UK clients. The company also extended its appreciation for the ongoing support of its users and emphasized its dedication to making crypto trading safer and more sustainable for the future of the industry.
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