After previously slamming reports claiming that it had a plan to leave the country, the leading cryptocurrency derivatives exchange Bybit has announced that it is discontinuing services in the U.K. ahead of the introduction of the new rules by the Financial Conduct Authority, the financial regulatory body in the country.
s introduction of new rules regarding marketing and communication by crypto businesses as outlined in the June 2023 Policy Statement entitled Bybit has made a choice to embrace the regulation proactively and pause our services in this market, the exchange said.
It added that the suspension of services will give the exchange the opportunity to focus on how it would be able to best meet the regulations crafted by the financial authorities in the United Kingdom.
Bybit also shared that starting at 8 a.m. UTC on October 1, it would stop accepting new account applications from individuals residing in the United Kingdom and those identified as U.K. nationals.
As for old users or current U.K. customers, services that have been previously provided to them will no longer be available until Oct. 8.
Bybit, who spoke at the event, said: ''It's a very bad news,'' he said.
The crypto derivatives exchange will liquidate all open positions of its U.K. customers by Jan. 8, 2024, and all liquidated funds will be made available for customers' withdrawal.
When rumors that Bybit would leave the U.K. came out, Bybit said it would not go to the United States. The exchange highlighted its unwavering commitment to the U.K. market and its plan to stay in the country for a long time.
It is worth noting that Bybit made a similar announcement in May informing its Canadian customers that the company had suspended its operations in the country.
our business operates in compliance with all relevant regulations and rules in Canada. Bybit has made the difficult but necessary decision to pause the availability of our products and services in light of recent regulatory development, the company said at the time.