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Bybit to suspend services in UK after ‘final warning’ from financial regulator

Bybit crypto exchangeBased in Dubai, Announced suspension of services to the UK In response to rules imposed by the country’s Financial Conduct Authority (FCA).

In an announcement dated September 22, Bybit he declared HE Will begin suspending services to UK residents from 1 October, new account requests are no longer allowed. This move will be followed by a suspension of new deposits, new contracts and position changes for already registered users from October 8th.

“In light of the introduction of new rules regarding the marketing and communications of crypto companies by the UK Financial Conduct Authority. […] Bybit has chosen to proactively comply with the regulation and pause its services to this market.”the company said.

Due to recent regulatory changes in the UK, Bybit will be suspending its services in the country. New account requests will end on October 1, 2023 at 08:00 UTC. Currently registered UK users are asked to manage their positions before 8:00 UTC on January 8, 2024. #bybit

To learn more:

— Bybit (@Bybit_Official) September 22, 2023

The closure date of Bybit services will coincide with the deadline set by the FCA For crypto companies that must comply with certain rules aimed at UK users and provide marketing plans “clear, fair and not misleading”. The FCA first announced the new rules in June and on 21 September issued another warningreminds companies of the October 8 deadline and the risk of criminal charges.

Suspension of services according to Bybit “will allow the company to focus its efforts and resources to better meet the regulations set by UK authorities in the future.”. FCA some companies They may have until January 2024 to comply with marketing rules, but they need prior approval from the regulator.

In May, Bybit announced the closure of its services Canadaquoting “latest regulatory developments”. However, the company expanded into new markets. KazakhistanIt received preliminary approval to operate as a crypto custody services provider in May.

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