Bybit cryptocurrency exchange is set to suspend its operations in the UK starting from October 1 due to recent regulatory changes. Learn more about this decision and its impact on users and the market.
In a significant development in the world of cryptocurrency trading, Bybit cryptocurrency exchange has decided to suspend its operations in the United Kingdom (UK) due to recent regulatory changes. Starting from October 1, new customers will no longer be able to open new accounts, and from October 8, existing clients will be restricted from adding funds, creating new contracts, or increasing their positions. However, they will still have the option to reduce and close existing positions and withdraw their funds.
Bybit’s decision comes in response to the UK’s new regulations on advertising and promotions, which require cryptocurrency firms to be registered with the Financial Conduct Authority (FCA). As Bybit is currently not included in the FCA’s cryptocurrency registry, they have chosen to suspend their services in the UK market as a result.