ByBit to pause operations in the UK following new crypto rules
Dubai-based crypto currency exchange Bybit announced plans to suspend its services to customers in the U.K. shortly before the deadline for crypto firms to comply with the country’s laws on advertisements and promotions. Bybit announced the news in a press release on Sept. 22, stating that U.K. users have until Jan. 8, 2024, to manage and wind down their positions or risk getting liquidated if they fail to take action before the deadline. The company stated that the liquidated assets will be available for withdrawal. According to the announcement, Bybit will stop accepting new registrations from U.K. residents starting Oct. 1, while the crypto exchange will disable the deposit function for existing users, who will also be unable to create new contracts or increase their positions from Oct. 8. Current U.K. customers now have the option of reducing their positions or withdrawing their assets from the platform. You might also like: Bybit adds PayPal USD stablecoin, PYUSD...