You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Bybit to Stop UK Services as Fin Regulators Clamp Down – Are You Affected?

Cryptocurrency trading platform Bybit has announced its intention to halt operations in the United Kingdom (UK). This decision arises from anticipated regulatory measures from the UK’s Financial Conduct Authority (FCA).

In a declaration released on Friday, Bybit conveyed that starting October 1, they would initiate the suspension process and would cease accepting new user registrations.

Subsequent steps, scheduled for October 8, will encompass the discontinuation of new deposits, the introduction of fresh contracts, and modifications to positions for pre-existing UK-based users.

This strategic shift is a direct reaction to the FCA’s recent implementation of updated regulations concerning promotional activities and communications by entities in the crypto sector.

“Bybit recognizes the importance of regulatory compliance, and as a proactive measure, we’ve decided to temporarily halt our services in the UK,” stated the company.

“This suspension grants us the opportunity to channel our resources and energies into ensuring we align our operations with the guidelines put forth by the UK regulatory authorities.”

Earlier in the year, in June, the FCA publicized an updated financial promotions framework specifically targeting cryptocurrency asset marketing.

Fast-forward to September 21, the regulatory body sent out an advisory, emphasizing the looming October 8 cut-off and the potential for criminal repercussions for non-compliance.

Although the FCA mentioned that certain entities might have an extended window until January 2024 to adhere to the promotional guidelines, it’s contingent on them securing an endorsement from the regulatory authority in advance.

Bybit Continues to Wind Down Operations Across the World

Bybit’s recent decision to limit its services in the UK isn’t an isolated incident; the platform has made similar moves globally due to evolving regulatory landscapes.

Back in May, Bybit declared its intentions to withdraw from the Canadian market, attributing the decision to increasing regulatory scrutiny within the nation.

Conversely, the exchange has also sought out fresh opportunities, venturing into territories like Kazakhstan. In May, they achieved preliminary approval to function as a cryptocurrency custody service provider within the country.

Earlier in September, Bybit’s CEO, Ben Zhou, conveyed that the imminent stricter marketing regulations could potentially constrict the industry, hinting at the possibility of the company retreating from the UK market altogether.

“Regulatory frameworks are certainly becoming tighter. It’s likely we’ll have to pull back from several countries. The UK, in particular, seems to be on the horizon for an imminent exit. We’ve also recently made an exit from France,” Zhou remarked.

He further elaborated on how the recent legislative alterations have transformed the financial solicitation landscape. The new regulations essentially nullify the strategy of reverse solicitation, which many firms previously employed to navigate existing statutes.

Bybit isn’t the only firm grappling with the implications of the FCA’s revised rules. Numerous industry experts and stakeholders have highlighted the potential ramifications of such directives.

For instance, on September 11, the cryptocurrency exchange Luno declared intentions to restrict specific clientele from cryptocurrency investments, effective from October 6, which is notably just two days prior to the enactment of the FCA’s updated regulations.

In a similar vein, Delphi Labs’ general counsel, Gabriel Shapiro, cautioned that the majority of cryptocurrency entities might find it challenging to align with the new guidelines concerning financial promotions.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024