Bybit Stops its Services in the UK Following New Rules
Dubai's Bybit exchange stops UK services after new rules from the Financial Conduct Authority.
Dubai-based crypto exchange Bybit will stop its services in the United Kingdom. This decision comes after new guidelines from the UK’s Financial Conduct Authority (FCA).
On Sept. 22, Bybit announced it will stop accepting new UK users from Oct. 1. By Oct. 8, it will also halt new deposits and other activities for current UK users.
Bybit made this decision due to the FCA's new rules on how crypto businesses should advertise and communicate. The company said it wants to "embrace the regulation" and halt its UK services for now.
The final date for Bybit to end its services, Oct. 8, matches the FCA’s deadline. Companies need to follow the FCA’s rules which want marketing to be "clear, fair, and not misleading". The FCA had talked about these rules in June and again warned companies on Sept. 21.
Bybit hopes this break will let them better understand and meet UK rules in the future. The FCA mentioned that some companies might get until January 2024 to follow all the rules, but they need approval first.
Earlier in May, Bybit also stopped its services in Canada because of similar reasons. But, they are growing in places like Kazakhstan, where they got permission to work in May.
