Dubai-based Bybit is suspending its U.K. operations in light of recent regulatory guidelines. Starting in October, U.K. users will find restrictions on service access. CoinTelegraph reports phased service termination details, emphasizing necessary actions for U.K. users by Jan. 8, 2024.

Bybit cited regulatory changes introduced by the country's Financial Conduct Authority (FCA) as the main reason for its decision. Moreover, its decision to halt services in the U.K. aligns with its proactive approach to adopting the FCA's new rules.

It was mentioned that the new FCA regulations are being implemented to initiate clear, fair, and non-misleading marketing practices in the crypto business sector. Now, although the new rules related to marketing and communications by crypto businesses are still pending, the firm made its move to halt its services before the changes fully take effect.

As per CoinTelegraph, Bybit will no longer accept registering new accounts in the U.K. by Oct. 1. Then, by Oct. 8, the crypto exchange will suspend new deposits and new contracts or increase existing positions for all products and services.

Then again, users can lessen and shut their positions and take out their funds from the platform. The company is reportedly planning to phase out its services in two phases.

Bybit stated in its previous announcement that "U.K. Customers who are implicated by these measures are strongly encouraged to take action by Jan. 8, 2024, 8 a.m. UTC to manage and wind down their positions. After the stipulated deadline, their open positions will be liquidated, and the liquidation funds will be available for withdrawal."

Finally, Bybit also made a similar announcement of slowing down its services in Canada back in May. It then specified "recent regulatory development" as the reason it moved. Despite this, the crypto exchange expanded its services to new markets such as Kazakhstan.

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