Bybit has announced it will suspend services in the UK following the introduction of the Financial Conduct Authority’s (FCA) new rules on crypto assets. Starting October 1, new customer registrations will cease, and existing customers’ services will be halted on October 8.
Existing customers of Bybit will be unable to make deposits, create new contracts, or increase positions after October 8. However, they will be able to reduce or close positions, as well as withdraw funds. All UK customers have been asked to manage and wind down positions by January 8, 2024, 8:00 am UTC. After this deadline, any open positions will be liquidated and the liquidation funds will be available for withdrawal.
Bybit’s decision to suspend services comes ahead of the October 8 deadline for companies to comply with the new UK marketing rules on ads and promotions. The requirement is that a crypto company must have regulatory approval from the FCA for it to support ads and other promotional materials. Currently, FCA’s crypto register does not include Dubai-based Bybit, although the company has recently been granted a crypto exchange and custody licence in Cyprus.
