The upcoming regulations that the Financial Conduct Authority will apply in the United Kingdom have caused the ByBit cryptocurrency platform to stop activities in the territory.
According to information in the local media, the new “Financial Promotion Rules for Crypto Assets”, the local authority will be in charge of supervising the commercialization of digital currencies and communications between companies in the sector.
In this sense, “Bybit has made the decision to proactively adopt regulation and pause our services in this market,” according to a statement.
The platform indicated that starting October 1 it will stop accepting new account requests from British users. Furthermore, from October 8, when the new rules come into force, it will not be possible to “make new deposits, create new contracts or increase any of your existing positions for all products and services.”
Although it is not yet known how long ByBit’s operation in the United Kingdom will be suspended, the platform has stated that they hope to adapt to the new rules and regulations.
(Reference image source: Kanchanara, Unsplash)