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Bybit to Suspend Services for UK Customers After FCA Crypto Derivatives Ban
Bybit said it will no longer be providing its services following the Financial Conduct Authority’s (FCA) ban on crypto derivatives.
Singapore-based cryptocurrency exchange Bybit announced Friday it will cease providing its services to customers from the U.K. following a regulatory ban.
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In a blog post, Bybit said it will no longer be providing its services following the Financial Conduct Authority’s (FCA) ban on crypto derivatives.
"If you are either a U.K. resident or citizen, please close all your positions and withdraw all account balances by 8 a.m. UTC [3 a.m. ET], March 31, 2021. Thereafter, customers located in or are residents of the U.K. will be restricted from accessing or performing any trading activities on Bybit."Bybit Blog
The move comes after the FCA ban on the sale of derivatives and exchange-traded notes came into effect on Jan. 6, after the financial regulator said it considers the products to be too high risk for retail consumers.
Read more: Bybit Enables Two-Way Margin Trading With Perpetual Contracts Quoted in Tether
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
