Last Updated on September 23, 2023 by Bitfinsider
“In light of the UK 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 chosen to embrace the regulation proactively and pause our services in this market,” Bybit said in a statement today.
Bybit has announced that it would no longer accept new UK user account applications beginning October 1. Existing UK users will be unable to “make any new deposits, create new contracts, or increase any of their existing positions for all products and services” as of Oct. 8, the date the new restrictions take effect. Users will be able to reduce or close positions as well as withdraw monies from the site.
Bybit has set a January 8, 2024 deadline for UK clients to manage and wind down their remaining positions. Any positions left open after this date will be immediately liquidated, with the proceeds available for withdrawal, according to the firm.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.