Leading cryptocurrency exchange Bybit has announced plans to halt its operations in the United Kingdom (UK) by next month.
The decision comes in response to the UK’s Financial Conduct Authority (FCA) announcing new regulations that would take effect the following month. As a result, starting on October 1, Bybit will no longer accept new UK user account applications.
Bybit Announces Deadline for UK Customers
Prior UK customers are prohibited from opening new accounts, signing new contracts, or increasing their current positions as of October 8. Users can, however, reduce or liquidate their positions and withdraw money from the website.
The final day for UK clients to cancel their accounts and handle their residual holdings will be January 8, 2024. Any open positions will automatically be liquidated at this point, and the resulting funds will be ready for withdrawal.
According to an earlier claim, Bybit was thinking about leaving the UK market because of upcoming regulatory changes. These new regulations, which include mandating a cooling-off period for novice investors, represent the regulatory bodies’ ongoing efforts to bring transparency and fairness to the cryptocurrency marketing industry.
This quick response shows Bybit’s commitment to abiding by the new regulations and is an important development for the cryptocurrency ecosystem.
For the time being, Bybit has decided to suspend providing services to the UK market. In light of the Financial Promotion Rules for Crypto Assets Policy Statement (PS23/6), this action is in response to the document.
Bybit has temporarily stopped operations to reallocate resources to meet the UK government’s demands. Bybit made this decision because it is dedicated to improving its services in a way that complies with the evolving regulatory frameworks, thereby assisting in ensuring a more stable and secure future for the cryptocurrency sector as a whole.
Bybit regrets any issues this may have caused and thanks its British customers for their continuous support. It is necessary to learn how long this suspension will last and whether Bybit has any ambitions to return to the UK market. However, the company is restructuring to adhere to regulations and promote transparency and confidence in the Bitcoin industry.
