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Bybit to Suspend Services for UK Customers After FCA Crypto Derivatives Ban

Tanzeel Akhtar
·1-min read

Singapore-based cryptocurrency exchange Bybit announced Friday it will cease providing its services to customers from the U.K. following a regulatory ban.

In a blog post, Bybit said it will no longer be providing its services following the Financial Conduct Authority’s (FCA) ban on crypto derivatives.

“If you are either a U.K. resident or citizen, please close all your positions and withdraw all account balances by 8 a.m. UTC [3 a.m. ET], March 31, 2021. Thereafter, customers located in or are residents of the U.K. will be restricted from accessing or performing any trading activities on Bybit.”

Bybit Blog

Related: Crypto Fund Research: 2020 Q4 Quarterly Report

The move comes after the FCA ban on the sale of derivatives and exchange-traded notes came into effect on Jan. 6, after the financial regulator said it considers the products to be too high risk for retail consumers.

Read more: Bybit Enables Two-Way Margin Trading With Perpetual Contracts Quoted in Tether

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