header banner
Default

As new advertising regulations take effect, cryptocurrency exchange Bybit will suspend operations in the UK


Table of Contents

    LXF2COBSKBCNHNRE3WTK2BZ7GE

    Crypto exchange Bybit said it will suspend its U.K. operations next month in response to regulatory changes just a week after saying it was exploring all options to stay in the country.

    New customers won't be able to open accounts as of Oct. 1, and starting Oct. 8 existing customers won't be allowed to add funds, create new contracts or increase their positions. They will, however, be able to reduce and close their positions, and withdraw their funds from the platform, the Dubai-based company said in a post on its website.

    The Oct. 8 date is significant because that's when firms need to comply with U.K. rules on advertising and promotions, which require crypto firms to be registered with the Financial Conduct Authority to be able to approve ads and communications. Bybit is not on the FCA's crypto register.

    Bybit is not the only crypto firm suspending U.K. operations in response to the new rules. Payments giant PayPal said last month that it would temporarily pause its crypto services in the country until next year. Luno, which is owned by CoinDesk parent Digital Currency Group, has also said it would prevent some U.K. clients from investing further through its exchange.

    "In light of the U.K. Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses as outlined in the June 2023 Policy Statement (PS23/6) entitled 'Financial Promotion Rules for Crypto assets,' Bybit has made a choice to embrace the regulation proactively and pause our services in this market," the company said.

    UPDATE (Sept. 22, 10:06 UTC): Adds other companies pausing U.K. operations in fourth paragraph.

    Edited by Sheldon Reback.

    Sources


    Article information

    Author: Anthony Bright

    Last Updated: 1699350842

    Views: 580

    Rating: 4.6 / 5 (75 voted)

    Reviews: 82% of readers found this page helpful

    Author information

    Name: Anthony Bright

    Birthday: 1954-04-30

    Address: 00373 Robinson Valley Suite 591, New Thomas, OK 58793

    Phone: +4486893385175407

    Job: Biomedical Engineer

    Hobby: Calligraphy, Fencing, Whiskey Distilling, Telescope Building, Surfing, Geocaching, Ice Skating

    Introduction: My name is Anthony Bright, I am a lively, apt, forthright, venturesome, treasured, unreserved, welcoming person who loves writing and wants to share my knowledge and understanding with you.