Bybit, the prominent Dubai-based cryptocurrency exchange, has made a significant announcement regarding its services in the United Kingdom, aligning itself with the evolving regulatory landscape. The decision comes in response to impending cryptocurrency regulations set forth by the United Kingdom’s Financial Conduct Authority (FCA).
Starting from October 1, Bybit will no longer accept new account applications from UK residents. Subsequently, on October 8, the exchange will implement a comprehensive suspension, including discontinuing new deposits, the creation of fresh contracts, and any alterations to existing positions for its UK user base.
This proactive move by Bybit mirrors its commitment to compliance with the FCA’s regulatory timeline, ensuring that its operations adhere to the changing legal framework in the UK cryptocurrency market.
Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit
Find out more here: https://t.co/ubKN3NrFhE pic.twitter.com/06ucS4giKV
— Bybit (@Bybit_Official) September 22, 2023
This is not the first instance of Bybit responding to regulatory changes. In May, the exchange also phased out its services in Canada, demonstrating its willingness to adapt to evolving regulatory developments in various regions.
Bybit’s decision to suspend services in the UK highlights the challenges and complexities faced by cryptocurrency exchanges in navigating the global regulatory landscape, emphasizing the importance of compliance and adaptability in the industry.
