Cryptocurrency exchange Bybit has announced that it will suspend its operations in the United Kingdom, citing regulatory changes as the reason for this decision. This comes just a week after Bybit had expressed its intention to explore all possible options to continue operating in the country.
The announcement specifies that the decision is a response to new rules introduced by the UK Financial Conduct Authority (FCA) concerning marketing and communications practices of cryptocurrency businesses. Bybit has chosen to proactively embrace these regulations and, as a result, will temporarily halt its services in the U.K. market.
Timeline of Changes
Starting from October 1, 2023, Bybit will no longer allow the opening of new accounts in the U.K. Additionally, as of October 8, 2023, existing customers will be unable to add funds, create new contracts, or increase their positions on the platform.
However, Bybit has assured its U.K. customers that they will retain the ability to reduce and close their existing positions on the platform and withdraw their funds. The window for customers to manage and wind down their positions will extend until January 8, 2024.
Impact on Customers
After the specified date in January, any open positions held by U.K. customers will be automatically closed. Subsequently, customers will be able to access their liquidation funds for withdrawal.
Bybit’s Commitment to Cryptocurrency Safety and Sustainability
Bybit’s overarching goal is to provide cutting-edge trading experiences to cryptocurrency enthusiast while ensuring the necessary regulatory safeguards are in place. This decision reflects Bybit’s commitment to adapting to evolving regulatory environments as the global adoption of cryptocurrencies continues to grow.
In a statement, Bybit expressed its regret for any inconvenience this decision may cause to its U.K. clients. The company also expressed appreciation for the ongoing support of its efforts to enhance the safety of cryptocurrency trading, ultimately contributing to the future of the industry.
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