After previously slamming reports claiming that it had a plan to leave the country, major 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.
The exchange said that 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 suspension of services in the country will provide the exchange with 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 said that starting at 8 a.m. UTC on Oct. 1, it would stop accepting new account applications from individuals residing in the United Kingdom and those identified as U.K. nationals.
Old users or existing U.K. customers, services that have been previously provided to them will no longer be available starting Oct. 8.
Bybit said he spoke to the press at a news conference on Monday.
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.
After rumors that Bybit would leave the U.K., Bybit's decision came to light. At the same time, the exchange highlighted its unwavering dedication to the U.K. market as well as its plan to stay in the country for a long time.
In May, Bybit announced a similar announcement in Canada, informing its Canadian customers of the suspension of its operations in the country.
The primary objective of our business is to operate our business in compliance with all relevant rules and regulations in Canada. Bybit has made the difficult but necessary decision to pause the availability of our products and services, it said at the time.