Bybit to Shut UK Operations to Comply with FCA’s Ban of Crypto Derivatives

​Bybit​, a popular cryptocurrency exchange based in Singapore, has announced the decision to stop to provide services to customers from the United Kingdom in order to comply with the Financial Conduct Authority's (FCA) ban of crypto derivatives.

The UK regulator published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retails consumers in October 2020. The ban has come into effect on 6 January 2021. 

Bybit clients who are U.K. resident or citizen are now required to close all their positions and withdraw all account balances by 8AM UTC, March 31, 2021. Thereafter, they will be restricted from accessing or performing any trading activities on Bybit.

Additionally, the crypto exchange has started to restrict new sign ups using U.K. mobiles number and/or IP addresses immediately after the announcement was released.

Bybit also revealed in the announcement its plan to seek dialogue with regulators to explore other options.