Bybit, a cryptocurrency exchange, has temporarily suspended its services in the United Kingdom due to new regulations introduced by the Financial Conduct Authority (FCA). Starting from October 1, Bybit will no longer accept new user account applications from the UK. Existing UK customers will face restrictions from October 8, as they will be unable to open new accounts, enter into new contracts, or increase their current positions. However, they will still have the ability to decrease or liquidate positions and withdraw funds.
Bybit has set January 8, 2024, as the deadline for UK clients to close their accounts and handle their remaining holdings. Any positions that remain open after this date will be automatically liquidated, and the resulting funds will be available for withdrawal.
The decision to suspend services in the UK comes as Bybit aims to comply with the new regulatory measures and align with the Financial Promotion Rules for Crypto Assets Policy Statement (PS23/6) issued in June 2023.
Bybit’s temporary halt in the UK market is a proactive step to allocate resources and meet the requirements set by the UK government. The exchange is committed to enhancing its services in a manner that adheres to evolving regulatory frameworks, contributing to a more stable and secure future for the cryptocurrency industry.
Bybit has expressed apologies to its British clients for any inconvenience caused and expressed gratitude for their continued support.
The duration of this suspension and Bybit’s future plans regarding the UK market remain uncertain. However, the exchange is actively reorganizing its operations to ensure compliance with regulations and foster transparency and confidence within the Bitcoin sector.