Bybit to Halt UK Operations Next Month

Crypto News- Bybit, a cryptocurrency exchange, has announced its decision to suspend operations in the United Kingdom next month due to regulatory changes. This move comes just a week after the company stated it was exploring all available options to maintain its presence in the country.

Bybit to Halt UK Operations Next Month

Starting from October 1st, new customers will no longer be able to open accounts with Bybit. Furthermore, beginning on October 8th, existing customers will face restrictions on their activities. They will not be permitted to add funds, create new contracts, or increase their positions. However, they will retain the ability to reduce and close their positions and withdraw their funds from the platform, as outlined in a statement posted on Bybit’s website.

The October 8th date is particularly significant because it aligns with the deadline for firms to comply with the United Kingdom’s regulations on advertising and promotions. These regulations mandate that cryptocurrency firms must be registered with the Financial Conduct Authority (FCA) to approve advertisements and communications. Notably, Bybit is not currently registered on the FCA’s crypto register.

In its official statement, Bybit cited the U.K. Financial Conduct Authority’s introduction of new rules governing marketing and communications by cryptocurrency businesses, as outlined in the June 2023 Policy Statement (PS23/6) titled ‘Financial Promotion Rules for Crypto Assets,’ as the reason for its proactive decision to embrace regulation and temporarily halt its services in the U.K. market.