Bybit to Suspend UK Operations in Response to FCA’s New Rules

In a sudden turn of events, crypto exchange Bybit has announced its decision to suspend its operations in the United Kingdom. This move comes just a week after the company expressed its commitment to explore all available options to continue operating within the country.


Bybit Exchange’s Proactive Response to FCA


The company has outlined a timeline for these changes, providing clarity to its customers. As of October 1, new customers will be unable to open accounts on the platform, while existing customers will face further restrictions on their activities on the exchange, including the inability to add funds, create new contracts, or increase their positions by October 8.


However, existing customers of Bybit will still have some limited options after the restrictions come into effect. They will be able to reduce and close their positions, allowing them to manage their existing holdings.

Additionally, UK Customers who are affected by these measures are strongly encouraged by Bybit to take action by January 8, 2024, at 8 AM UTC, to manage and wind down their positions. After this deadline, any remaining open positions will be subject to liquidation, but the liquidated funds will be available for withdrawal.


The date of October 8th holds particular significance in Bybit’s decision to suspend its U.K. operations. This is the same date when firms operating in the crypto space must comply with UK rules governing advertising and promotions.

These regulations require crypto firms to be registered with the country’s market regulator, the Financial Conduct Authority (FCA) in order to approve advertisements and communications related to their services. Unfortunately for Bybit, the exchange is not listed on the FCA’s crypto register, rendering it ineligible to continue its advertising and promotional activities in the UK after October 8th.


The decision reflects the company’s commitment to complying with evolving regulations and maintaining transparency in its operations. By suspending its UK services, Bybit aims to avoid regulatory non-compliance and any associated consequences.


Bybit Takes Precedence from Other Crypto Firms


The recent decision by Bybit to suspend its operations in the United Kingdom is not an isolated incident within the crypto industry. Several other prominent crypto firms have taken similar actions in response to new regulatory changes and the evolving landscape of digital asset regulations in the U.K.


Last month, PayPal Holdings Inc (NASDAQ: PYPL), one of the world’s largest payment companies and a major player in the crypto space, revealed its decision to temporarily pause its crypto services in the U.K. until the following year.


Similarly, Luno, a crypto exchange owned by Digital Currency Group (DCG), has also taken steps to comply with the changing regulatory environment. The exchange has decided to restrict some of their UK clients from making further investments through their exchange.

24 September, 2023

Read more:

World Bank: approved $350 million financing for RISE-II operation in Pakistan

07 December, 2023

China keeps Loan Prime rate steady at record Lows.

14 December, 2023

'A lackluster January through May': One chart shows what stock investors can expect in a crucial election year

30 December, 2023

With Bitcoin Spot ETF Approvals, Halving and Incoming Upgrades, What Should You Expect from BTC in 2024?

05 December, 2023

Polygon Labs Announced Upcoming Updates for Products and Events Expected in December

28 November, 2023

Cross-Chain Protocol Wormhole Secures $225M in Funding, Now Valued at $2.5B

22 November, 2023

United Kingdom Seeks to Strengthen Its Digital Asset Sector

14 November, 2023

The Dow Jones has seen a dreaded 'death cross.' Here's what it means.

06 November, 2023

USDT Accounts for 80% of All Crypto Transactions in Brazil in 2023

30 October, 2023

US SEC Approves Grayscale’s Ethereum ETF Filing

22 October, 2023

Binance Secures New Euro Banking Partners to Resume Fiat Transactions

16 October, 2023

Bitcoin Is Good Hedge in Current Geopolitical Tensions, Says Paul Tudor Jones

10 October, 2023

Circle Intervenes in SEC Case against Binance, Defends Stablecoins’ Regulatory Status

29 September, 2023

Web3 Startup IYK Raised $16.8M in Recent Funding Round Led by A16z

27 September, 2023

Celsius Former Chief Revenue Officer Pleads Guilty to Criminal Charges, Awaits Sentencing

15 September, 2023

US Judge Dismisses Class Action Suit against Uniswap

31 August, 2023

Binance Phasing Out Support for BUSD Stablecoin by Q1 2024

31 August, 2023

Arrange a call