Crypto Exchange Bybit Suspends Trading for UK Customers Due to FCA Derivatives Ban

2021-3-7 23:14

Crypto exchange platform Bybit is set to cease operations for UK-based customers citing the recent regulations issued by the regulator in regards to crypto derivatives.

In an official announcement, the firm stated that it would end its services to UK customers on March 31. The firm said the decision was reached in efforts to adhere to the regulations issued by the Financial Conduct Authority (FCA). The exchange said,

“To comply with the Financial Conduct Authority’s (FCA) ban on crypto derivatives, Bybit will cease to provide services to customers from the United Kingdom.”

The firm is now advising its customers to close any positions and withdraw their entire funds before month-end.

Derivatives are financial instruments that monitor the prices of a given asset which in this case is cryptocurrency. Clients are not supposed to have any spot crypto when purchasing these products. Usually, high leverage is used for these products highly popular in the crypto space.

Last year, the UK financial regulator, FCA, prohibited the trading of crypto derivatives and exchange-traded notes (ETNs) in a move that sent shock waves in the market. The regulator said that these products were not suitable for retail clients as the underlying assets are highly volatile in nature.

The regulator started implementing the ban in January this year, but various firms such as Bybit still went on with the basic operations to the existing customers. However, this is set to change as customers based in the UK will not be permitted to create new accounts. Bybit stressed that sign-ups from UK phone numbers as well as IP addresses are henceforth restricted.

Bybit is ranked as one of the largest crypto derivatives in the world. CoinGecko reports that the exchange has transacted above $11 billion over the past day for just ten trading pairs.

The close of operations for UK-based clients is a major blow to the company as more than 5% of all the site’s visitors are from the UK.

Noteworthy, the firm stated that it was in talks with the UK authorities to find a solution for the existing and new clients.

The post Crypto Exchange Bybit Suspends Trading for UK Customers Due to FCA Derivatives Ban first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto customers derivatives bybit exchange stated firm

Источник: bitcoinexchangeguide.com

crypto customers → Результатов: 126


BitMEX Adds Native SegWit Support to Bitcoin Withdrawals, Non-Native Support Coming to Wallets

Popular crypto derivatives exchange BitMEX is now supporting native SegWit address format, Bech32 to withdraw Bitcoin, announced the exchange on Dec. 12. This upgrade is effective immediately. Starting now, BitMEX customers can withdraw to all three address formats, Bitcoin’s original address format Pay to Public Key Hash (P2PKH) whose address starts with number 1, Pay […]

2019-12-12 21:58


Фото:

Tron and Poloniex Relationship Scrutinized After Digibyte Delisting

The crypto firm Circle recently revealed that it was spinning off the trading platform Poloniex and has since warned customers to withdraw assets or they may be sent to state governments. Following the announcement, the founder of the crypto network Digibyte (DGB), Jared Tate, explained he was extremely upset that his friend’s and family’s sensitive […] The post Tron and Poloniex Relationship Scrutinized After Digibyte Delisting appeared first on Bitcoin News.

2019-12-6 05:00


DGX token now listed on Vietnam crypto exchange VCC

Digix, creator of the world’s first asset-backed digital gold token, today announced the listing of its gold-backed token, DGX, on the Singapore and Vietnam based crypto exchange VCC. The listing of DGX on VCC will allow Vietnamese customers to purchase the tokens, which are pegged to investment-grade gold bullions, using Vietnamese Dong—substantially expanding the DGX […] CryptoNinjas: DGX token now listed on Vietnam crypto exchange VCC

2019-12-2 11:13


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps

One of the four regulated cryptocurrency exchanges in South Korea, Coinone, has announced that it will no longer allow withdrawals to non-verified external wallets starting Jan. 24, 2022. If Coinone users want to withdraw their crypto assets to another digital wallet, they would have to register their wallet address with the exchange, “in accordance with […] The post South Korean Exchange Suspends Withdrawals to External Wallets, Govt.

Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill next year covering tax taxation of digital assets and their categorization to consumer protections. Lummis, who is also a Bitcoiner and one of the most vocal crypto advocates, will also be pitching Congress on creating a crypto regulatory body under the joint jurisdiction of […] The post Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year first appeared on BitcoinExchangeGuide.

Bank of England to Coordinate with International Regulators for Stricter Crypto Rules

The Bank of England to step up its talks with the international counterparts on a regulatory regime for cryptocurrency next year. In an interview with The Times, Sarah Breeden, executive director for financial strategy and risk at the central bank, said that as banks begin to offer crypto-assets trading and custody services to clients, global […] The post Bank of England to Coordinate with International Regulators for Stricter Crypto Rules first appeared on BitcoinExchangeGuide.

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country. Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.