Bybit, a cryptocurrency exchange with its headquarters in Dubai, announced that it will stop providing services to UK citizens in October as a result of “regulatory changes.”
In reaction to impending regulations from the UK’s Financial Conduct Authority, or FCA, the cryptocurrency exchange Bybit, which has its headquarters in Dubai, has announced the suspension of services to the country.
Bybit said on September 22 that, starting on October 1, it will stop accepting new account applications and hence discontinue services to UK citizens. New deposits, new contracts, and position adjustments for current customers will all be suspended after this action on October 8.
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“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses, […] Bybit has chosen to embrace the regulation proactively and pause our services in this market,” the company stated.
The FCA’s deadline for crypto asset providers marketing to users in the U.K. to be in compliance with specific guidelines geared at delivering “clear, fair, and not misleading” marketing regimes will coincide with Bybit’s date to wind down its services. The FCA originally made the guidelines public in June and then issued a second warning on September 21 to remind businesses of the deadline of October 8 and the potential for legal action.
The service suspension, in Bybit’s words, “will allow the company to focus its efforts and resources being able to best meet the regulations outlined by the UK authorities in the future.” The FCA proposed that some businesses might have until January 2024 to comply with the marketing regulations, but this would require regulator permission in advance.
Using “recent regulatory development” as justification, Bybit announced a similar winding down of services in Canada in May. However, the business has entered other markets, including as Kazakhstan, where it was granted in-principle permission to conduct business as a provider of cryptocurrency custody services in May.
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