Bybit Exchange announced that it will cease operations in the UK due to increasingly stringent regulations. Starting October 1, 2023 at. 8:00 AM UTC, Bybit will no longer accept new account openings from UK customers.
Bybit users in the UK will also not be able to deposit, open positions, etc. starting from October 8, 2023. Closing positions and withdrawals will be available during the transition period. On January 8, 2024, all open positions will be forcibly liquidated and users can only withdraw liquidated funds.
The Bybit team made this decision due to the implementation of the Financial Conduct Authority’s (FCA) PS23/6 policy in June 2023 which is tasked with regulating and supervising crypto in Europe. Sadly, Bybit’s CEO Ben Zhou stated last week that they are exploring opportunities to continue operating in the UK.
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