Cryptocurrency exchange Bybit has unveiled its plans to suspend services for UK residents. This decision, outlined in a press release on September 22, will be executed in two phases. It will start with the cessation of new account applications on October 1. Subsequently, on October 8, the platform will halt new deposits, new contracts, and changes to existing user positions.
Bybit’s timeline for service suspension aligns precisely with the FCA’s deadline for crypto asset firms operating in the UK. Additionally, the FCA’s regulatory efforts are geared towards establishing marketing regulations that are “clear, fair, and not misleading.”
Also read: Ethereum Has Been Disappointing Since Shanghai Upgrade: JPMorgan
Initially announced in June, these rules have garnered heightened attention, with the FCA issuing an additional warning on September 21. The rules emphasize the October 8 deadline and the potential for criminal charges against non-compliant firms.
Bybit’s strategic pivot
Bybit views this move as an opportunity to reallocate resources and refocus its efforts. According to the company, this strategic shift will enable them to align with the evolving regulatory landscape outlined by UK authorities.
Bybit’s decision to suspend services in the UK in response to impending FCA regulations underscores the growing importance of compliance in the cryptocurrency industry.