Bybit, a cryptocurrency exchange, has informed its customers that it will be temporarily suspending its services in the UK in order to comply with new regulatory requirements. Starting from October 1, new account registrations will be halted, and on October 8, deposits and other services for existing customers will be paused.

The decision comes ahead of the effective date for new rules set by the UK Financial Conduct Authority (FCA) for crypto firms. Bybit stated that the suspension will allow the exchange to allocate its resources toward meeting the new regulations.

All existing UK customers are required to manage and wind down their positions by January 8, 2024. After the deadline, open positions will be liquidated, and customers will be able to withdraw their funds.

The new UK marketing rules for crypto companies, which require FCA regulatory approval, also played a role in Bybit’s decision. At present, Bybit is not included in the FCA’s crypto register. However, the company has recently obtained a crypto exchange and custody license in Cyprus.

No new customer registrations beginning October 1

Starting from October 1, Bybit will no longer accept new account registrations from customers in the UK. Existing customers will also face limitations on their services from October 8. While they will be unable to make deposits, create new contracts, or increase positions, they will still have the ability to reduce or close positions and withdraw funds.

Bybit’s announcement was made on their official website and via their Twitter account.

FAQs

Why is Bybit suspending its services in the UK?

Bybit is suspending its services in the UK to align with new regulatory requirements set by the UK Financial Conduct Authority (FCA) for crypto businesses.

When will the suspension of services take effect?

New account registrations will be halted on October 1, 2023. Deposits and other services for existing customers will be paused on October 8, 2023.

What actions do existing UK customers need to take?

Existing UK customers are required to manage and wind down their positions by January 8, 2024. After this deadline, their open positions will be liquidated, and the liquidation funds will be available for withdrawal.

Will Bybit be able to operate in the UK again in the future?

If Bybit obtains regulatory approval from the FCA, it may be able to resume its services in the UK in the future.

Summary

Bybit, a cryptocurrency exchange, will suspend its services in the UK to comply with new regulatory requirements set by the UK Financial Conduct Authority (FCA). Starting from October 1, 2023, new account registrations will be halted, and on October 8, 2023, deposits and other services for existing customers will be paused. Existing UK customers have until January 8, 2024, to manage and wind down their positions. After this deadline, open positions will be liquidated, and customers will be able to withdraw their funds. This decision is in response to the new UK marketing rules for crypto companies, which require FCA regulatory approval. Bybit is currently not included in the FCA’s crypto register but has recently obtained a license in Cyprus.