Bybit, one of the leading trading platforms in the cryptocurrency industry, has decided to exit the UK market. According to the statement made by the authorities, although the stock exchange investigated all options to continue its path in the country, it could not find a way out.
In its official announcement, Bybit exchange stated that individuals residing in the UK will not be able to register to the platform as of October 1, 2023, and existing customers will cease to transfer money to the exchange or open positions after October 8, 2023. Authorities underlined that there will be no restrictions on withdrawals and closing positions for users who are already trading.
Why Did Bybit Withdraw from the UK?
Bybit, the fourth largest cryptocurrency exchange by transaction volume, will no longer operate in the region due to regulatory rules in the island country. The UK Financial Conduct Authority (FCA) requires crypto platforms in the country to obtain operating licenses from them. The platform has not been able to meet the necessary conditions to date.
The FCA recently announced that the new rules will apply from 8 October 2023.