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Bybit crypto exchange has temporarily suspended its services in the United Kingdom. The decision follows the introduction of new rules by the UK’s Financial Conduct Authority (FCA), effective next month. Consequently, Bybit will cease accepting new UK user account applications from October 1.
Bybit Sets Deadline for UK Clients
As of October 8, preexisting UK customers cannot open new accounts, enter new contracts, or increase their current positions. However, users can decrease or liquidate positions and withdraw cash from the site. Bybit has set January 8, 2024, as UK clients’ last day to close accounts and handle their remaining holdings. Positions not closed by this time will be automatically liquidated, and the resulting cash will be made available for withdrawal.
Coingape earlier reported that Bybit was contemplating withdrawing from the UK market in light of impending regulatory changes. The regulatory organizations’ continued attempts to provide openness and justice to the cryptocurrency marketing realm are reflected in these new measures, including implementing a mandated cooling-off period for first-time investors.
This rapid action demonstrates Bybit’s dedication to complying with the forthcoming rules and marks a crucial step in the cryptocurrency ecosystem. Bybit has decided to stop serving the UK market for the time being. This action is in response to the document in light of June 2023’s Financial Promotion Rules for Crypto Assets Policy Statement (PS23/6).
Uncertain Duration for Bybit’s UK Market Freeze
Bybit has temporarily halted its activities to reallocate resources to meet all the requirements put out by the UK government. Bybit has made this choice because it is committed to enhancing its services in a manner that complies with the changing regulatory frameworks, therefore contributing to a more stable and secure future for the cryptocurrency industry as a whole. Bybit has apologized to its British clients for any problems this may have created and thanked them for their continued patronage.
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The length of this suspension and any plans Bybit may have to return to the UK market must be discovered. However, the firm is reorganizing to comply with rules and encourage openness and confidence in the Bitcoin sector.