UK Crypto Law Change Leads Bybit to Halt Operations
Bybit suspends UK services ahead of regulatory changes in crypto asset promotions.
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Crypto exchange Bybit has announced it will suspend services for UK-based customers starting in October, citing new regulations by the UK Financial Conduct Authority (FCA) regarding crypto asset promotions.
“Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” wrote Bybit in today’s announcement.
The move comes in response to new FCA rules finalized in June aimed at bringing crypto advertising and communications in line with other UK financial services promotions. Bybit says the decision will allow the company to “focus its efforts and resources” on meeting the new regulatory framework.
According to a statement released today, existing UK users will no longer be able to deposit funds or increase existing positions after October 8th.
Bybit encourages users to manage and close existing positions before January 8th, 2024, after which all remaining open positions will be liquidated.
The FCA estimates nearly 5 million UK consumers own crypto assets. The regulator has stepped up oversight of the crypto sector this year, beginning with crypto ATMs and marketing rules.
ByBit is headquartered in Singapore and currently serves over 6 million users worldwide.