Bybit announces withdrawal from the United Kingdom, officially stopping new user registrations from the UK in October.

Bybit exchange announced that in response to the new crypto asset promotion rules (PS23/6) introduced by the UK Financial Conduct Authority in June 2023, cryptocurrency trading platform Bybit will proactively comply with the regulations and suspend its services in the UK market. The company stated that this suspension will allow it to focus resources on better aligning with future regulatory requirements in the UK.

Bybit Officially Stops Accepting New UK Users in October

According to the announcement, starting from 1st October 2023 at 8:00 GMT+0, Bybit will no longer accept new account registrations from residents and nationals of the United Kingdom. For existing UK customers, as of 8th October, they will not be able to make new deposits, create new contracts, or increase existing positions for all products and services, but they can still close positions and withdraw funds.

The company strongly advises affected UK customers to take action to manage and close their positions before 8th January 2024. Any outstanding open positions that are not closed by then will be liquidated, and the liquidated funds will be available for withdrawal.

Bybit apologizes for any inconvenience this decision may cause to its UK customers.

Recently, Bybit had just mentioned considering exiting the UK market to comply with new regulations. Less than a week later, the exit has been confirmed.

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