Cryptocurrency exchange Bybit has announced its decision to suspend its operations in the UK next month, citing recent regulatory changes. This comes just a week after the exchange expressed its intention to explore all avenues to maintain its presence in the country.
Crypto Exchange Bybit Prepares to Cease UK Operations
As of October 1, new customers will not be able to open an account. Additionally, starting October 8, existing clients will no longer be allowed to add funds, create new contracts, or increase their positions.
However, they will retain their ability to reduce and close existing positions and withdraw their funds from the platform, according to a statement published on Bybit's website.
The 8 October deadline is crucial as it coincides with the date by which companies must comply with the UK's regulations on advertising and promotions.
These rules require crypto firms to be registered with the Financial Conduct Authority (FCA) to approve advertisements and communications. It is noteworthy that Bybit is not included in the FCA's crypto registry.
The company stated: “In light of the UK Financial Conduct Authority introducing new rules on marketing and communications by crypto businesses, as set out in its Policy Statement (PS23/6) titled 'Financial Promotion Rules for crypto assets' dated June 2023, Bybit is proactively implementing the regulation.” “We have made a choice to adopt this method and pause our services in this market.”
*This is not investment advice.