{"id":592233,"date":"2023-09-22T18:29:11","date_gmt":"2023-09-22T15:29:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bybit-will-suspend-services-in-uk-following-financial-regulators-final-warning\/"},"modified":"2023-09-22T18:29:11","modified_gmt":"2023-09-22T15:29:11","slug":"bybit-will-suspend-services-in-uk-following-financial-regulators-final-warning","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bybit-will-suspend-services-in-uk-following-financial-regulators-final-warning\/","title":{"rendered":"# Bybit will suspend services in UK following financial regulator\u2019s \u2018final warning\u2019"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/08124b58-04db-4dfc-b039-5f07bc68557b.jpg\" \/><\/p>\n<p itemprop=\"description\" class=\"post__lead\" data-v-ff33fc9a> Headquartered in Dubai, crypto exchange Bybit said it will suspend services to residents of the United Kingdom starting in October due to \u201cregulatory changes.\u201d <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-ff33fc9a>Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country\u2019s Financial Conduct Authority, or FCA.<\/p>\n<p>In a Sept. 22 announcement, Bybit <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/announcements.bybit.com\/en-US\/article\/announcement-bybit-to-suspend-services-in-the-uk-blt286daa9208c8f3aa\/\">said<\/a> it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications. This move will be followed by the suspension of new deposits, new contracts and changes to positions for existing users on Oct. 8. <\/p>\n<p>\u201cIn light of the UK Financial Conduct Authority\u2019s introduction of new rules regarding marketing and communications by crypto businesses. [&#8230;] Bybit has made a choice to embrace the regulation proactively and pause our services in this market,\u201d said the firm. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC.  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bybit?src=hash&amp;ref_src=twsrc%5Etfw\">#Bybit<\/a> <\/p>\n<p>Find out more here: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ubKN3NrFhE\">https:\/\/t.co\/ubKN3NrFhE<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/06ucS4giKV\">pic.twitter.com\/06ucS4giKV<\/a><\/p>\n<p>\u2014 Bybit (@Bybit_Official) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Bybit_Official\/status\/1705193584750678231?ref_src=twsrc%5Etfw\">September 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Bybit\u2019s date to wind down its services will fall on the FCA\u2019s deadline for crypto asset firms marketing to users in the U.K. to be in compliance with certain rules aimed at providing \u201cclear, fair and not misleading\u201d marketing regimes. The FCA first announced the rules in June and issued an additional warning on Sept. 21, reminding firms of the Oct. 8 deadline and the risk of criminal charges.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UK considers blanket ban on crypto investment cold calls<\/em><\/strong><\/p>\n<p>According to Bybit, the suspension of services \u201cwill allow the company to focus its efforts and resources being able to best meet the regulations outlined by the UK authorities in the future.\u201d The FCA 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.<\/p>\n<p>Bybit announced a similar winding down of services in Canada in May, citing \u201crecent regulatory development\u201d at the time. However, the firm has expanded into new markets, including Kazakhstan, where it received in-principle approval to operate as a crypto custody service provider in May.\u00a0<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bybit-suspend-uk-services-following-regulator-warning\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Headquartered in Dubai, crypto exchange Bybit said it will suspend services to residents of the United Kingdom starting in October due to \u201cregulatory changes.\u201d Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country\u2019s Financial Conduct Authority, or FCA. In a Sept. 22&#8230;<\/p>\n","protected":false},"author":1,"featured_media":592234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvMDgxMjRiNTgtMDRkYi00ZGZjLWIwMzktNWYwN2JjNjg1NTdiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74860,88784,70934,4966],"class_list":["post-592233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cryptocurrency-exchange","tag-uk-government","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/592233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=592233"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/592233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/592234"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=592233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=592233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=592233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}