Cryptocurrency exchange Bybit is planning to suspend its services for UK-based customers, announcing the news in a press release on September 22. Upon initiating the decision in two stages, the platform will prevent new accounts from being created starting October 1, then on October 8, new deposits, contracts and changes to existing user positions will also be halted. The dated timeline coincides with recent FCA regulations that were issued at the beginning of June, and were spoken of in a further announcement on the 21st of September.
Bybit’s proactive action to terminate services as detailed by the FCA documents underscores the growing need for compliance within the crypto industry. As referenced in the statement, evolving regulatory structures highlighted by UK-based powers presents the company an opportunity to reassess resources and alter subit’s current plans.
