Singapore-based renowned crypto derivatives exchange Bybit suspends its services for its users in U.K. Bybit offers a number of high-end trading products for crypto assets like Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], and more.
The move follows a blanket ban on all retail crypto derivatives trading by the Financial Conduct Authority, and United Kingdom users are going to be given until 31st March to shut out positions & withdraw their funds from the platform, a firm announcement stated.
The post also affirmed the firm’s intention to continue dialogue with regulators within the hope of opening up shops within the U.K. once more.
“We request your immediate cooperation within this matter. We regret this example and can seek dialogue with regulators to explore options. We hope to be able to earn the privilege to serve you again within the future,” stated the official announcement.
Additionally, new sign-ups to the exchange using the United Kingdom-based mobile numbers or IP addresses are going to be rejected automatically.
Earlier in October last year, the FCA issued an announcement declaring that each one retail cryptocurrency derivatives trading, encompassing products like options, futures, and exchange-traded notes, would be banned. The ban went into effect in early January this year.
Remarkably, the FCA’s decision to ban these products flew within the face of feedback received from firm consultants. The FCA canvassed the opinions of trade bodies, national authorities, exchanges & legal representatives, with 97% of respondents arguing against the prospect of a ban.