- Bybit is halting its operations in the UK due to regulatory changes.
- Bybit will stop accepting new account registrations from October 1.
- Existing clients can decrease positions and withdraw funds after October 8.
In light of recent regulatory changes, Bybit, a cryptocurrency exchange headquartered in Dubai, intends to halt its operations in the United Kingdom. This decision follows the introducing of new marketing rules for cryptocurrency enterprises by the Financial Conduct Authority (FCA).
As of October 1, Bybit will cease to accept new account registrations. Furthermore, from October 8 onwards, current clients will be prohibited from depositing additional funds, initiating new contracts, or expanding their positions on the platform. Nonetheless, they will maintain the capability to decrease and terminate their existing positions and extract their funds from the platform.
This action aligns with Bybit’s previous announcement that it considered all available alternatives to maintain its operations in the UK. The step taken by the exchange mirrors the dynamic nature of global cryptocurrency regulations as firms adjust to comply with the shifting mandates set by regulatory bodies.
