Bybit Announces Service Suspension for UK Residents: A Comprehensive Analysis

Bybit's announcement to phase out services for UK residents has left many questioning what's next.

Understand why this move is crucial for Bybit's future compliance with UK laws and what it means for existing UK users.

Get all the details you need to navigate this significant industry change.

Complying with UK Regulations: The Reason Behind the Move

Cryptocurrency exchange Bybit announced on September 22, 2023, that it will begin to phase out its services for UK residents starting in October 2023.

The decision to suspend services is part of Bybit’s effort to comply with all relevant UK regulations.

The cryptocurrency business cited the introduction of new rules regarding marketing and communication in the crypto asset space as the reason for the service suspension.

Bybit commented, "The temporary service suspension allows us to focus our efforts and resources on fully complying with future UK regulatory requirements."

Notice for Existing UK Users

Starting from 8:00（UTC） on October 1, 2023, the application for new account openings by UK residents or nationals will close.

Furthermore, by 8:00 (UTC) on October 8, 2023, existing users will no longer be able to make new deposits, create new contracts, or take new positions.

After this point, although position closure, settlement, and withdrawals can still be performed, existing UK users are alerted to complete necessary actions such as closing positions by 8:00 on January 8, 2024.

Failing to meet the deadline will lead to the liquidation of open positions, after which funds can be withdrawn.

Recently, with the intensification of cryptocurrency regulations, announcements of withdrawal from global markets by major exchanges have been increasing. Bybit also announced a withdrawal from Canada in May of this year.