Cryptocurrency exchange Bybit announced it will suspend its U.K. operations beginning next month due to regulatory changes, just a week after saying it was looking into all options to remain in the country.
The announcement says, “In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses as outlined in the June 2023 Policy Statement (PS23/6) entitled “Financial Promotion Rules for Crypto assets,” Bybit has made a choice to embrace the regulation proactively and pause our services in this market.”
Starting on October 1, no new accounts will be able to be opened, and on October 8, existing customers will not be able to add funds, make new contracts, or increase their positions. However, the Dubai-based company posts on its website that customers will be able to reduce and close their positions and withdraw their funds from the platform.
The U.K.’s affected customers have until January 8, 2024, to manage and wind down their positions. Their open positions will be closed after the designated date, at which point the liquidation funds will be available for withdrawal.
Bybit’s goal is to offer cutting-edge trading experiences to cryptocurrency believers with the necessary safeguards in place as the adoption of cryptocurrencies continues to rise across the globe.
Bybit said, “We apologize for any inconvenience caused to our UK clients, and we appreciate your continued support for our efforts to make crypto trading safer and more sustainable for the future of the industry.”