Last Updated on September 23, 2023 by Bitfinsider
Bybit is departing the UK market ahead of the Financial Conduct Authority’s implementation of new crypto marketing restrictions next month.
“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.
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