ByBit to suspend UK market activity in early October

ByBit made the announcement a day after the FCA gave crypto companies ‘a final warning’

article-image

gabriel12/Shutterstock modified by Blockworks

share

ByBit is suspending services in the UK starting in early October as the UK implements new crypto marketing regulations.

“Bybit has made a choice to embrace the regulation proactively and pause our services in this market. The suspension will allow the company to focus its efforts and resources [on] being able to best meet the regulations outlined by the UK authorities in the future,” a blog post said.

UK customers will no longer be able to create new accounts on ByBit starting on Oct. 1. The company will cease new deposits and position buys on Oct. 8. 

“UK Customers who are implicated by these measures are strongly encouraged to take action by Jan. 8, 2024,” the post said

ByBit cited a June posting from the FCA outlining the new approach as part of its choice to suspend its services in the UK market.

The June FCA post said that the regulation directly impacts consumers buying crypto, FCA-registered crypto companies, those attempting to register and overseas companies marketing to UK customers. 

The announcement comes a day after the UK gave crypto companies a “final warning.”

In the Sept. 21 letter, the FCA cited “poor engagement from many unregistered, overseas crypto asset firms who have UK customers…” It stated that some had “refused to engage with the FCA”, despite the authority’s outreach attempts. Out of over 150 firms approached, only about 24 responded to a survey.

According to Lucy Castledine, the director of consumer investment, the regulatory framework requires that crypto firms in the UK present their offerings to UK customers “clearly, fairly and honestly. And they must provide risk warnings people understand.”

The regulations also require certain technical changes, such as the introduction of a cooling-off period. Firms registered within the UK have the option to request an extension of these deadlines until early January.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

🚀 Build What’s Next — Permissionless IV Hackathon Join us June 22–23 in Brooklyn for the Permissionless IV Hackathon — a 36-hour sprint hosted by Cracked Labs and Blockworks where top builders turn ideas into real products. Come to launch, not just […]

recent research

Research Report Templates (10).png

Research

Kamino has evolved into a full-stack asset scaling suite with V2: unlocking new markets, improving capital efficiency, and catering to various risk profiles. We believe it is best positioned to become the credit backbone of Solana as the ecosystem matures. Simply put, KMNO remains our highest-conviction bet in the Solana ecosystem. This report lays out our thesis.

article-image

Bybit’s Byreal, Binance Alpha and Coinbase’s DEX integrations

article-image

This isn’t the worst hack to ever hit Mt. Gox, but it could be the most entertaining

article-image

Crossover’s CEO discusses institutional interest and how over-the-counter (OTC) trading has picked up in crypto

article-image

Sponsored

This collaboration signifies a major leap forward in expanding the reach and utility of Web3 gaming within the vibrant Asian market

article-image

Asymmetric information is threatening crypto the same way it once threatened equities. Disclosure might be the fix.

article-image

Rate cuts drift into Q4 limbo as markets pretend everything’s fine