Cryptocurrency exchange, Bybit, has announced the suspension of its services in the UK market due to new regulations. Bybit has taken a proactive stance toward compliance with the ever-evolving crypto regulatory landscape, which was the impetus for this strategic decision.
Bybit will no longer accept new account applications from UK residents after October 1, 2023, at 8:00 a.m. UTC. Current UK users are advised to adjust their holdings as necessary. According to the FCA’s “Financial Promotion Rules for Crypto Assets” (PS23/6) policy statement published in June 2023, this change is in line with the FCA’s introduction of new guidelines for marketing and communications by crypto businesses.
From October 8, 2023, 8:00 AM UTC, existing customers will no longer be able to make new deposits, create new contracts, or increase their existing positions across the entirety of Bybit’s product and service offerings. However, users will still be able to adjust their existing positions, close them, and withdraw funds.
Bybit advised any affected customers to actively manage and close out their positions by 8:00 AM UTC on January 8, 2024. All open positions will be closed, and the proceeds will be available for withdrawal after the close date.
Bybit and other exchanges are adapting to the shifting regulatory landscape in the cryptocurrency industry as it evolves. It also emphasizes the value of crypto exchanges taking preventative compliance measures to safeguard their users and stay within the bounds of existing regulations.
The company has provided a medium through which users who have concerns or further enquiries about the move can reach out to their customer support team through live chat or by submitting a case.
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