Bybit to Cease Operations in the UK Due to Regulatory Pressure
Bybit, one of the largest crypto derivatives exchanges, has announced that it will cease operating in the UK market by the end of 2023 due to increased regulatory pressure. This article discusses the implications of Bybit's decision and the reasons behind it.
Posted 10 months ago in Exchanges
Bybit, one of the largest crypto derivatives exchanges, has announced that it will be leaving the UK market by the end of 2023. This decision comes as a result of the draconian regulations introduced by the UK Financial Conduct Authority (FCA) in Q2 2023.
The FCA's new rules have put increased pressure on crypto-related businesses, and Bybit has become the latest victim. Starting from October 1, 2023, Bybit will no longer accept account opening applications from UK customers. Existing UK users are advised to manage their positions before January 8, 2024, when all open positions will be liquidated.
The decision to suspend operations in the UK allows Bybit to proactively embrace the regulation and focus on meeting the UK authorities' outlined regulations in the future. The company cites the FCA's June 2023 Policy Statement (PS23/6), which imposed stringent advertising compliance rules for cryptocurrency firms, as the reason behind their choice.
While Bybit's exit from the UK market aligns with the changing regulatory landscape, it contradicts their previous statements of exploring all possibilities to continue operations in the country. However, other cryptocurrency heavyweights, such as Ripple Inc., have applied for licenses to operate in the UK and Ireland.
Last updated 9/23/2023, 9:16:26 AM
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