Leading cryptocurrency exchange Bybit is suspending its operations as new rules from the UK Financial Conduct Authority (FCA) come into force soon.
Despite FCA’s upcoming new rules, Bybit CEO Ben Zhou They will do their best to stay in the UK Shortly after he said the stock market will suspend its activities in the country told.
Bybit made a statement on its Twitter account on September 22. in the statementnew law to come into force in the United Kingdom rules in line with in the country will suspend its services announced. While the stock exchange stated that they would terminate new account applications on October 1, users from January 8 He demanded that he manage his positions first. Therefore, users will not be able to deposit money and open new transactions as of October 8.
UK’s crypto rules on October 8 will come into force. In this context Bybit And other cryptocurrency exchanges in order to operate in the country It needs to be licensed by the FCA.
To obtain Bybit’s license did not apply and for this reason will withdraw from the country is considered.
FCA warns of stock exchanges ahead of major upcoming rules due to low demand While expressing their concerns about cryptocurrency companies He had warned about the deadline.