The platform will stop opening new accounts from October and will also impose restrictions on existing clients due to new rules introduced by the local regulator
Cryptocurrency exchange Bybit has announced the suspension of services in the UK. The platform has decided to stop serving UK clients for the time being due to the adoption of new regulations in the country.
On October 8, the UK Financial Conduct Authority (FCA) will enact new regulations regarding marketing in cryptocurrency companies. The use of the English language will be interpreted as attracting users from the UK.
As such, Bybit will no longer open accounts for residents and citizens of the United Kingdom as of October 1, and as of October 8, existing UK customers will no longer be able to make new deposits, enter into contracts, or increase open positions across all products and services. Closing positions will remain available until January 8. The withdrawal function will not be suspended.
Founded in 2018, crypto exchange Bybit ranks fifth in terms of trading volume (CoinGecko data for the last 24 hours). As of 15:00 on September 22, this figure is $684 million.
At the end of May, Bybit left the Canadian market. The decision to suspend access to products and services for Canadian users was also made due to changes in local legislation.