Bybit To Suspend UK Services, Urges Customers To Act Before January 2024

Key Points:

• Bybit, the cryptocurrency exchange, will suspend its services for UK customers, beginning with a halt on new account applications from confirmed British residents and nationals on October 1, 2023.
• UK customers will have until January 8, 2024, to manage and reduce their positions on Bybit, after which open positions will be liquidated, and funds will be available for withdrawal, as part of Bybit’s compliance with evolving cryptocurrency regulations.

Cryptocurrency exchange Bybit has made a significant announcement regarding its services in the United Kingdom. 

Starting from 16:00 on October 1, 2023, Beijing time, Bybit will cease accepting new user account applications from confirmed British residents and nationals, referred to as “British customers.” This marks a significant change in Bybit’s operations within the UK market.

Further changes will follow, with 16:00 on October 8, 2023, marking the point at which UK customers will no longer be able to initiate new deposits, create fresh contracts, or add to existing positions across all of Bybit‘s products and services. However, a vital point of note is that customers will retain the ability to reduce and close their positions while still having access to withdraw funds from the platform.

To avoid any potential issues, UK clients affected by these measures are strongly advised to take proactive measures to manage and reduce their positions before 16:00 on January 8, 2024. After this specific date and time, any open positions on Bybit will be automatically liquidated, and the liquidated funds will be made available for withdrawal.

The firm’s decision to suspend services in the UK comes amid a changing regulatory landscape for cryptocurrency exchanges globally. It is a strategic move aimed at ensuring compliance with evolving regulatory requirements and safeguarding the interests of both the platform and its users.

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