The Bybit exchange has announced that it is leaving the UK market amid regulatory changes for cryptocurrency companies.
"It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in the UK," the cryptocurrency exchange said in a note.
The suspension of services will allow Bybit to focus its efforts and resources on how best to comply with the rules set by the UK authorities in the future.
According to information published on Bybit's website, as of October 1, 2023, new UK users will not be able to apply for accounts.
In addition, as of October 8, 2023, existing UK clients will no longer be able to make new deposits, open new contracts, or increase existing positions across all products and services. At the same time, they will be able to reduce and close their positions and withdraw their funds from the exchange.
Bybit therefore strongly recommends that its clients in the United Kingdom take all appropriate measures to manage and close positions by January 8, 2024. After this deadline, all open positions will be liquidated, and the associated funds will be available for withdrawal.
Recall that ByBit previously stated that it was in talks with the UK Financial Conduct Authority (FCA) to find a solution and reach an agreement to continue offering its services in the UK.
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