Bybit, one of the big players in the world of cryptocurrency, has decided to hit the pause button on its operations in the United Kingdom.
Why, you ask? Well, it's all because of some new rules made by the UK Financial Conduct Authority (FCA).
Starting from October 1, new customers won't be able to open accounts on Bybit. That's the first step in their plan.
After that, things are getting even more interesting. From October 8, they're going to stop accepting new deposits, creating new contracts, and making changes to existing customers' positions.
But hold on, what about the people who already have accounts on Bybit? Don't worry, they're not left in the dark.
Bybit says you can still close or reduce your positions and withdraw your money during this transition period.
So, why is Bybit taking this step? It all boils down to the FCA's new rules. The FCA now calls crypto "restricted mass market investments."
That's a fancy way of saying they want people to be super careful with crypto.
Any advertisements or promotions related to crypto must now include clear warnings about the risks involved. Plus, things like "refer a friend" or "new joiner bonuses" are a no-go.
Bybit says they want to be ahead of the game and follow these rules properly. So, they've decided to hit pause on their services in the UK for now.
If you're a Bybit user in the UK, you've got some time to sort things out. Bybit says January 8, 2024, is the final deadline for UK users to close their remaining positions.
If you don't do that by then, Bybit will automatically sell your crypto, but don't worry, you can still withdraw the money.
Now, the big question is, how long will this pause last? Bybit hasn't said for sure if they'll start things up again in the UK.
But they did mention that this pause will give them time to figure out how to meet the UK's rules in the future.
Bybit isn't the only company making changes because of these new rules. Even PayPal, the payments giant, has said they're taking a break from crypto purchases in the UK until early 2024.
But on the flip side, some other big crypto players, like Ripple, are planning to stick around in the UK and work with these new rules.
Ripple even applied for a crypto license there after dealing with some issues with the US Securities and Exchange Commission (SEC).
