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Bybit exchange closes for UK

Bybit cryptocurrency exchange reportedwhich will cease operating in the UK in October due to changes in legislation.

The company said in a statement that starting October 1, new customers will not be able to open accounts on the platform.

From October 8, existing users will not be able to make new deposits, create new contracts, etc. However, the functions of closing transactions and withdrawing funds will be available.

“The suspension of operations in the region will allow the company to focus its efforts and resources to better comply with the rules set by the UK authorities in the future,” Bybit wrote in a statement.

Rules will come into force in the UK from 8 October requiring that marketing by crypto companies must be clear, fair and not misleading, include risk warnings and must not inappropriately incentivize people to invest.

Earlier media reportedthat Bybit plans to exit the UK market. The exchange later called the country a “very important market” on its X account and said it intended to operate in the jurisdiction for a long time.

Source: Cryptocurrency

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