Crypto exchange Bybit is exiting the UK market in anticipation of forthcoming cryptocurrency marketing regulations to be enforced by the Financial Conduct Authority (FCA) of the United Kingdom next month. Bybit has announced that it will cease accepting new account applications from UK users as of October 1. In a statement, Bybit apologized for any inconvenience to its UK clients and expressed gratitude for their continued support in making crypto trading safer and more sustainable for the industry’s future.
The impending regulations, which include a cooling-off period for first-time investors, are being introduced with the aim of enhancing the transparency and accuracy of crypto product marketing.
Starting from October 8, the date when the new regulations take effect, existing UK users will no longer have the ability to “initiate new deposits, establish new contracts, or augment existing positions for all products and services,” as stated by the company. Users will, however, retain the option to reduce or close their positions and withdraw their funds from the platform.
Bybit has set a final deadline of January 8, 2024, for UK customers to manage and unwind their remaining positions. Any positions left open after this date will be automatically liquidated, and the resulting funds will be made available for withdrawal.
The duration of this suspension remains uncertain, and it is unclear whether Bybit will re-enter the UK market. Nevertheless, the crypto exchange has expressed its intention to use this period of suspension to align itself with the regulations outlined by UK authorities in the future.
