Bybit to Stop UK Services as Fin Regulators Clamp Down ⚠️

🔴 Cryptocurrency exchange Bybit has revealed its decision to suspend services in the United Kingdom (UK) due to impending regulations from the country's Financial Conduct Authority (FCA). In a Friday announcement, the exchange said it would begin the suspension process on October 1 and would no longer accept new account applications.

➡️ This will be followed by the suspension of new deposits, new contracts, and changes to positions for existing UK users on October 8. The move comes in response to the FCA's introduction of new rules regarding marketing and communications by crypto businesses.

❕ "Bybit has made a choice to embrace the regulation proactively and pause our services in this market," the firm said.

❕ "The suspension will allow the company to focus its efforts and resources being able to best meet the regulations outlined by the UK authorities in the future."#crypto2023 #BTC #Layer2 #ETH