In recent years, significant progress has been made in crypto regulation efforts by financial regulatory institutions worldwide. The United Kingdom has also taken a series of new steps in crypto regulations in recent months.
The Financial Conduct Authority (FCA) in the United Kingdom has taken an important step to implement new regulations that introduce a series of new standards for crypto companies’ advertising and marketing activities. However, crypto companies have failed to comply with the new regulations within a short period of time.
Due to the inability of most crypto companies to comply with the new regulations, the FCA postponed the effective date of the new regulations. The new regulations, expected to come into effect next month, have been postponed by the FCA until January 2024.
Despite the postponement, the UK regulator has repeatedly notified crypto companies that they need to start complying with the new regulations. Most recently, the FCA once again invited crypto companies to comply with the new regulations and stated that it has warned crypto companies “for the last time.” Following the warning from the FCA, Bybit decided to withdraw its services. Bybit exchange has decided to suspend all its services in the country.
Although the regulations, which introduce a series of new standards for crypto companies’ advertising and marketing activities, will come into effect in January 2024, the FCA has heavily warned exchanges that crypto companies need to comply with the new regulations already. Following the FCA’s warnings, Bybit, a cryptocurrency exchange, decided to suspend all its services in the United Kingdom.
Bybit cryptocurrency exchange announced through its official X account (formerly known as Twitter) that it will suspend all its services in the UK from next month. Bybit also mentioned that the suspension of services is due to the “latest legal changes in the UK.”