In a September 22 announcement, Bybit revealed its decision to halt services for residents of the United Kingdom, starting on October 1. This will begin by suspending new account registrations, followed by a pause on new deposits, new contracts, and position changes for existing users on October 8.
Bybit stated, “Based on the new rules set forth by the UK Financial Conduct Authority (FCA) concerning marketing and communication by crypto businesses, Bybit has opted to proactively implement regulations and suspend our services in this market.”
Bybit’s cessation of services aligns with the FCA’s final deadline for crypto asset firms to adhere to specific rules, ensuring “clear, fair, and not misleading” marketing practices. The FCA initially announced these regulations in June, followed by additional warnings on September 21, reminding companies of the October 8 deadline and the potential risk of criminal prosecution.
According to Bybit, the temporary suspension of services will enable the company to concentrate its efforts and resources on better meeting future UK regulatory requirements. The FCA has proposed that certain firms may have until January 2024 to comply with marketing rules, pending regulatory approval.