- Bybit will stop registering new accounts starting October 1, and will temporarily suspend deposits and other services for existing customers starting October 8.
- The exchange’s announcement comes ahead of the effective date of new FCA rules for cryptocurrency companies.
Bybit has informed customers that it will discontinue its services in the UK next month to adapt its operations to new regulatory requirements.
According to the cryptocurrency exchange, the decision “Taking into account the UK Financial Conduct Authority’s introduction of new rules on the marketing and communications of cryptocurrency companies, as outlined in the June 2023 Policy Statement (PS23/6) “Financial Promotion Rules for Cryptocurrency Assets”.”
The suspension will allow the exchange to focus its resources on meeting the new regulations, Bybit said in an announcement.
No new customer registration from October 1st
New subscriptions will not be possible from October 1, and service for existing customers will be discontinued from October 8.
Current Bybit customers will not be able to make deposits, create new contracts, or increase positions from the effective date. However, users can still reduce or liquidate their positions and withdraw their funds.
Due to recent UK regulatory changes, Bybit will discontinue its services in the UK. Applications for new accounts will stop at 8:00 AM UTC on October 1, 2023. Existing UK users are advised to manage their positions before 8:00 AM (UTC) on January 8, 2024. #bybit
Find out more here: https://t.co/ubKN3NrFhE pic.twitter.com/06ucS4giKV
— Bybit (@Bybit_Official) September 22, 2023
All UK clients have been asked to take the necessary steps to manage and reduce their positions. The timeline for this action is 8:00 AM UTC on January 8, 2024.
“After the stipulated deadline, the open position will be liquidated and the liquidated funds can be withdrawn.”, the exchange noted.
Bybit’s move comes ahead of an October 8 deadline for companies to comply with new UK marketing rules on advertising and promotions. The requirement is that cryptocurrency companies must obtain regulatory approval from the Financial Conduct Authority (FCA) to support advertising and other promotional materials.
Currently, the FCA’s cryptocurrency register does not include Dubai-based Bybit. The company recently obtained a cryptocurrency exchange and custody license in Cyprus.