Cryptocurrency exchange Bybit is suspending services in the U.K. next month in order to comply with the new rules set by Britain’s top financial regulator, the Financial Conduct Authority (FCA). “The suspension will allow the company to focus its efforts and resources to best meet the regulations outlined by the U.K. authorities in the future,” Bybit explained.
Bybit Halting UK Services
Crypto exchange Bybit announced Friday that it is suspending services in the U.K. in order to comply with the new rules on marketing and communications for crypto businesses set by the Financial Conduct Authority (FCA). The new rules are outlined in Policy Statement PS23/6, titled “Financial promotion rules for cryptoassets,” which the FCA published in June.
“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in the U.K.,” the announcement details, adding:
Bybit has made a choice to embrace the regulation proactively and pause our services in this market … The suspension will allow the company to focus its efforts and resources to best meet the regulations outlined by the U.K. authorities in the future.
Bybit explained that from Oct. 1, it will no longer accept account opening applications by U.K. residents or nationals. From Oct. 8, existing users will no longer be able to make any new deposits, create new contracts, or increase any of their existing positions for all products and services. “They can, however, reduce and close their positions, and withdraw their funds from our platform,” the exchange noted.
Moreover, Bybit stated that U.K. customers affected by this change are “strongly encouraged” to wind down their positions by 8 a.m. UTC on Jan. 8, 2024. “After the stipulated deadline, their open positions will be liquidated, and the liquidation funds will be available for withdrawal,” the exchange clarified.