Singapore-based Bybit, the Singapore-based cryptocurrency derivatives exchange, has announced the suspension of services to its UK customers. Bybit offers a number of quality trading products of high quality such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC).
The move comes on the heels of a complete ban on all retail trading of cryptocurrency derivatives by the Financial Conduct Authority, and UK customers will be allowed to close positions and withdraw their money from the platform by March 31, the company said.
The post also confirmed the company’s intention to continue the dialogue with regulators in the hope of reopening the store in the UK.
We ask for your immediate cooperation in this regard. We regret this situation and will seek dialogue with the organizers to explore possible alternatives. We hope we can win the privilege of serving you again in the future, ”the announcement states.
Going forward, new central registrations using UK mobile phone numbers or IP addresses will be automatically rejected.
In October 2020, the Financial Conduct Authority (FCA) issued a proclamation banning all retail trading of cryptocurrency derivatives, including products such as options, futures and exchange-traded securities. The ban came into force at the beginning of January 2021.
In particular, the FCA’s decision to ban these products did not receive a response from industry advisers. The FCA asked trade organizations, national authorities, exchanges and legal representatives, with 97% of respondents opposed the prospect of a ban.