Last Updated on 23 September 2023 by Admin
The UK branch of the cryptocurrency exchange Bybit is now unavailable. New regulations from the UK’s Financial Conduct Authority (FCA) will go into force next month, prompting the decision. As a result, from October 1st, Bybit will no longer be accepting applications for new accounts in the UK.
There will be no new accounts opened, contracts entered into, or positions expanded upon for existing UK clients as of October 8th. Users may, however, cut down on their holdings or completely sell out and cash out their accounts.
Compliance Scrutiny
Bybit has announced that the last day for UK customers to cancel accounts and manage any residual assets is January 8, 2024. Any open positions beyond that period will be liquidated automatically, and the funds will be made accessible for withdrawal.
Bybit was said to be considering leaving the UK market due to upcoming regulatory changes. These additional restrictions, such as a required “cooling off” period for first-time investors, show the regulatory bodies’ ongoing efforts to bring transparency and fairness to the crypto marketing world.
Bybit’s prompt response shows its commitment to following the new regulations, and it also represents a major milestone for the crypto industry as a whole. Bybit will temporarily suspend its service to the United Kingdom.
Bybit has placed its operations on hold until it reallocates resources to satisfy all of the UK government’s demands. Because of its dedication to improving its services in a way that is in line with the evolving regulatory frameworks, Bybit has taken this decision to help ensure a brighter, safer future for the crypto sector as a whole. Bybit has expressed regret for any inconvenience this may have caused its customers in the United Kingdom and expressed gratitude for those customers’ ongoing support.
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