Cryptocurrency exchange Bybit shuts up shop in UK in compliance with FCA ban


Singapore-based cryptocurrency derivatives exchange Bybit announced on Friday that it would be suspending services for its customers n the United Kingdom. Bybit offers a range of high-end trading products for cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and more.The move follows a blanket ban on all retail cryptocurrency derivatives trading by the Financial Conduct Authority, and U.K. customers will be given until March 31 to close out positions and withdraw their funds from the platform, a company announcement stated.The post also affirmed the company’s intention to continue dialogue with regulators in the hope of opening up shop in the U.K. once more.“We request your immediate cooperation in this matter. We regret this situation, and will seek dialogue with regulators to explore options. We hope to be able to earn the privilege to serve you again in the future,” stated the announcement.Going forward, new sign-ups to the exchange using U.K.-based mobile phone numbers or IP addresses will be rejected automatically. In October 2020, the FCA issued an announcement declaring that all retail cryptocurrency derivatives trading, encompassing products such as options, futures and exchange-traded notes, would be banned. The ban went into effect in early January 2021.Remarkably, the FCA’s decision to ban these products flew in the face of feedback received from industry consultants. The FCA canvassed the opinions of trade bodies, national authorities, exchanges and legal representatives, with 97% of respondents arguing against the prospect of a ban.

bitcoin
Bitcoin (BTC) $ 61,356.44
ethereum
Ethereum (ETH) $ 3,389.88
tether
Tether (USDT) $ 0.999689
bnb
BNB (BNB) $ 575.08
solana
Solana (SOL) $ 136.26
staked-ether
Lido Staked Ether (STETH) $ 3,388.49
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.478459
the-open-network
Toncoin (TON) $ 7.59
dogecoin
Dogecoin (DOGE) $ 0.123392
cardano
Cardano (ADA) $ 0.387531
tron
TRON (TRX) $ 0.120141
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.31
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,465.47
chainlink
Chainlink (LINK) $ 14.07
polkadot
Polkadot (DOT) $ 5.81
bitcoin-cash
Bitcoin Cash (BCH) $ 377.08
uniswap
Uniswap (UNI) $ 9.46
near
NEAR Protocol (NEAR) $ 5.59
wrapped-eeth
Wrapped eETH (WEETH) $ 3,523.20
leo-token
LEO Token (LEO) $ 5.75
matic-network
Polygon (MATIC) $ 0.569346
litecoin
Litecoin (LTC) $ 70.78
dai
Dai (DAI) $ 0.999409
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.70
internet-computer
Internet Computer (ICP) $ 8.16
kaspa
Kaspa (KAS) $ 0.156601
ethena-usde
Ethena USDe (USDE) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 23.51
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,417.71
aptos
Aptos (APT) $ 6.96
render-token
Render (RNDR) $ 7.75
monero
Monero (XMR) $ 162.41
hedera-hashgraph
Hedera (HBAR) $ 0.079061
cosmos
Cosmos Hub (ATOM) $ 6.97
arbitrum
Arbitrum (ARB) $ 0.828916
stellar
Stellar (XLM) $ 0.090599
filecoin
Filecoin (FIL) $ 4.43
okb
OKB (OKB) $ 41.50
mantle
Mantle (MNT) $ 0.762210
crypto-com-chain
Cronos (CRO) $ 0.090777
immutable-x
Immutable (IMX) $ 1.59
blockstack
Stacks (STX) $ 1.62
injective-protocol
Injective (INJ) $ 23.06
first-digital-usd
First Digital USD (FDUSD) $ 1.00
sui
Sui (SUI) $ 0.902441
lido-dao
Lido DAO (LDO) $ 2.43
the-graph
The Graph (GRT) $ 0.223945