Starting Next Month, The Bybit Crypto Exchange Suspends Its Services In The UK

Crypto company Bybit will stop its services in the UK. (Photo; Doc. Guiadobitcoin)

JAKARTA - Cryptocurrency exchange Bybit has announced its plans to suspend services in the UK from next month. This decision was taken in response to a new regulation set by Britain's financial regulator, the Financial Conduct Authority (FCA).

The new rules are related to marketing and communications for cryptocurrency businesses and have been outlined in the PS23/6 Policy Statement published by the FCA in June with the title "Financial promotional rules for crypto assets."

Bybit, in its official announcement, explained that they are always committed to running their business in accordance with all applicable rules and regulations in the UK. Therefore, they have made proactive decisions to temporarily suspend their services in the UK market.

This suspension is planned to be implemented on October 1. Starting on that date, Bybit will not receive a new account opening application from British residents or citizens.

Then, on October 8, users who already have an account will not be able to make new deposits, create new contracts, or increase existing positions for all products and services. However, it is important to note that they can still reduce and close their positions, and withdraw funds from the Bybit platform.

For British customers affected by this change, Bybit strongly suggests closing their position before 8 a.m. UTC on January 8, 2024. Once that time limit, open positions will be liquidated, and liquidation funds will be available for withdrawal.

This decision reflects Bybit's commitment to complying with regulations and working closely with UK financial authorities. We will continue to follow these developments and provide our readers with the latest information.