Bybit, a Dubai-headquartered cryptocurrency exchange, has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority (FCA). Starting October 1, Bybit will no longer allow new account applications, followed by the suspension of new deposits, new contracts and changes to positions for existing users on October 8. The move is in response to the FCA’s introduction of new rules regarding marketing and communications by crypto businesses, which require firms to be in compliance with certain rules aimed at providing “clear, fair and not misleading” marketing regimes by October 8. The FCA has suggested that certain firms could have until January 2024 to be in compliance with the marketing rules but would need prior approval from the regulator.

Bybit has stated that the suspension of services will allow the company to focus its efforts and resources on meeting the regulations outlined by the UK authorities in the future. The firm has also previously announced a similar winding down of services in Canada in May, citing “recent regulatory development” at the time. However, Bybit has also expanded into new markets, including Kazakhstan, where it received in-principle approval to operate as a crypto custody service provider in May.

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Information	Details
Geography	Europe
Countries	🇬🇧 🇨🇦 🇰🇿
Sentiment	neutral
Relevance Score	9
People	None
Companies	Canadian regulatory development, Financial Conduct Authority, UK Financial Conduct Authority, Bybit, FCA
Currencies	None
Securities	None