Regulatory Changes Force Bybit To Stop Operations In The UK
Bybit will halt the acceptance of new account registrations starting October 1st and cease accepting deposits and other services for existing customers by October 8th. This decision aligns with the impending implementation of new regulatory measures for crypto firms, set forth by the UK Financial Conduct Authority (FCA).
Bybit has therefore informed its users of its intent to suspend operations in the UK next month to ensure compliance with these fresh regulations.
The action is prompted by the introduction of updated guidelines concerning marketing and communications for crypto businesses, as outlined in the June 2023 Policy Statement (PS23/6) titled Financial Promotion Rules for Crypto assets.
Bybit, in its announcement, mentioned that this suspension will enable them to channel their resources towards meeting the new regulatory requirements. Beginning October 1st, no new customer registrations will be permitted, and services for existing customers will be discontinued by October 8th.
For current Bybit customers, this effective date will mean they cannot make deposits, create new contracts, or increase their positions. Nonetheless, users will retain the ability to reduce or close their positions and withdraw funds.
All UK customers have been advised to take necessary steps to manage and gradually unwind their positions. The timeline for this action will remain in effect until January 8th, 2024, at 8:00 am UTC. Bybit also noted that after the specified deadline, any open positions will be liquidated, and the resulting liquidation funds will be available for withdrawal.
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