Bybit to suspend UK services due to regulatory changes

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— Bybit (@Bybit_Official) September 22, 2023

All UK customers have been asked to take the necessary steps to manage and wind down positions. The timeline for such action will run until January 8, 2024, 8:00 am UTC.

“After the stipulated deadline, their open positions will be liquidated, and the liquidation funds will be available for withdrawal,” the exchange noted.

Bybit’s move comes ahead of the October 8 deadline for companies to comply with the new UK marketing rules on ads and promotions. The requirement is that a crypto company must have regulatory approval from the Financial Conduct Authority (FCA) for it to support ads and other promotional materials.

At the moment, FCA’s crypto register does not include Dubai-based Bybit. The company recently scored a crypto exchange and custody licence in Cyprus.