Bybit to leave UK ahead of upcoming FCA regulations

2023-9-22 17:50

Crypto exchange Bybit is leaving the U.K. market in anticipation of the new crypto marketing rules set to take effect in October.

A Sept. 22 announcement from the exchange stated that the new rules by the U.K. Financial Conduct Authority have made it necessary for the exchange to pause operations in the country to embrace the regulation proactively.

The announcement comes less than a week after Bybit denied rumors that it would leave the country. At the time, the crypto exchange said its commitment to the UK market was unwavering and intends to stay for a long time.

However, the temporary pause appears to align with Bybit’s long-term goal. According to the announcement, “the suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future.”

With the exchange pausing service, U.K. residents and nationals cannot open new accounts on Bybit from October 1. Existing users will also be unable to deposit, create new contracts, or increase their positions starting October 8. But they can still reduce and close their positions or withdraw their assets.

Bybit will liquidate all open positions of U.K. customers by January 8, and all liquidated funds will be available for withdrawal.

The developments underscore the challenges facing crypto companies in the U.K. due to newly implemented marketing regulations. These regulations aim to enhance transparency in crypto advertising and safeguard consumer interests. Consequently, a number of crypto firms, including Luno, are reevaluating their operational strategies in the country.

Nevertheless, these regulations have faced criticism from industry experts who argue that compliance could pose a substantial financial burden for crypto projects. Gabriel Shapiro, General Counsel at Delphi Labs, asserted that achieving compliance could entail costs exceeding $500,000 for crypto ventures.

The post Bybit to leave UK ahead of upcoming FCA regulations appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Доступно / Всего 1.123b SAFEX

exchange bybit new rules crypto sept october

Источник: cryptoslate.com

exchange bybit → Результатов: 126


Фото:

Bybit lists SLG token on Launchpad 2.0

Bybit, the world’s most dynamically growing crypto exchange, is listing the governance token of Land of Conquest, SLG, on Bybit Launchpad 2.0, Invezz learned from a press release. Ten years in the works   Land of Conquest is an exciting, play-to-earn multiplayer simulated life game (MMOSLG), which has been in the works for more than […] The post Bybit lists SLG token on Launchpad 2.0 appeared first on Invezz.

2022-7-12 13:00


Фото:

Bybit launches grid trading bot

Dynamically growing crypto exchange Bybit has announced the launch of its grid trading bot. Bybit’s new grid trading functionalities will be available to all registered users on June 20. Bybit users will be able to utilize the grid trading bot to automate their buy and sell orders and adjust their investment amount, Invezz learned from […] The post Bybit launches grid trading bot appeared first on Invezz.

2022-6-21 15:32


Interview: ByBit launch liquidity pools offering up to 30% APY

ByBit, the 17th ranked cryptocurrency exchange that traditionally focused on derivatives markets, has announced the launch of liquidity mining protocols. The pools are available across Bitcoin, Ethereum and BitDAO, all paired with USDT – interesting amid the recent de-pegging of USDT down to 95 cents – although with USDC pools also in the pipeline.

2022-5-25 21:03


Фото:

Kryptomon’s KMON token to debut on Bybit Global Exchange on the 6th of May

The KMON token is set to be listed on Bybit by Kryptomon, the living NFT-powered play-and-earn gaming project that combines nostalgic appeal with modern blockchain technology. Bybit’s global user base will be able to buy, sell, and trade KMON, Kryptomon’s native token that enables all in-game actions, including the KMarket NFT marketplace, where players may […]

2022-5-4 17:40


Sumsub providing KYC/AML verification to crypto exchange Bybit

Sumsub, the identity verification & KYC/AML compliance provider, today announced its new partnership with Bybit, a crypto trading and staking platform with over 6 million users worldwide. By offering an automated KYC system, Sumsub helps Bybit reduce its consumption of human resources so that its employees are able to focus on complicated cases identified by […] The post Sumsub providing KYC/AML verification to crypto exchange Bybit appeared first on CryptoNinjas.

2022-4-5 20:17


Фото:

Bybit is ‘all about’ decentralized future

Bybit, the third most visited cryptocurrency exchange worldwide, is investing in technology to prepare the global community for decentralization and drive revolutionary changes. Bybit powered the World Blockchain Summit Dubai 2022 Igneus Terrenus, Head of Communications at Bybit, said the exchange was all about getting people behind a decentralized future at a discussion at the […] The post Bybit is ‘all about’ decentralized future appeared first on Invezz.

2022-3-26 17:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

UK Regulator Justifies Tough Crypto Crackdown Amid Industry Pushback

The UK financial regulatory agency sticks to its decision to continue implementing stringent rules in the registration process of businesses involved in cryptocurrencies. The Financial Conduct Authority (FCA) asserted that UK’s tough regulations on crypto firms serve as a deterrence to prevent these companies from becoming conduits for any money laundering activities. Related Reading: Crypto […]

Man pleads guilty in UK’s first illegal crypto ATM conviction

Olumide Osunkoya pleaded guilty to FCA charges of illegal offer and use of cryptocurrency automated teller machines (ATMs). The 45-year old Osunkuya will be sentenced at a later date. Olumide Osunkoya has pleaded guilty to several charges involving the illegal operation of cryptocurrency automated teller machines in the UK.

UK introduces new bill clarifying crypto as personal property

UK’s new bill recognises Bitcoin and other digital assets as personal property. Under the new law, crypto owners will enjoy greater legal protection. The UK parliament has introduced a new bill that clarifies digital assets ownership by recognizing Bitcoin and other crypto assets as personal property.