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) $ 26,788.18
ethereum
Ethereum (ETH) $ 1,870.78
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 300.77
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.535608
staked-ether
Lido Staked Ether (STETH) $ 1,869.55
cardano
Cardano (ADA) $ 0.374041
dogecoin
Dogecoin (DOGE) $ 0.071886
solana
Solana (SOL) $ 21.61
matic-network
Polygon (MATIC) $ 0.889171
tron
TRON (TRX) $ 0.081688
litecoin
Litecoin (LTC) $ 92.90
polkadot
Polkadot (DOT) $ 5.31
binance-usd
Binance USD (BUSD) $ 1.00
avalanche-2
Avalanche (AVAX) $ 14.84
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,797.18
uniswap
Uniswap (UNI) $ 4.98
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.37
cosmos
Cosmos Hub (ATOM) $ 10.61
okb
OKB (OKB) $ 45.35
monero
Monero (XMR) $ 145.92
the-open-network
Toncoin (TON) $ 1.74
ethereum-classic
Ethereum Classic (ETC) $ 18.03
stellar
Stellar (XLM) $ 0.091526
bitcoin-cash
Bitcoin Cash (BCH) $ 113.68
internet-computer
Internet Computer (ICP) $ 4.71
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.30
filecoin
Filecoin (FIL) $ 4.62
aptos
Aptos (APT) $ 8.77
quant-network
Quant (QNT) $ 114.69
hedera-hashgraph
Hedera (HBAR) $ 0.050345
crypto-com-chain
Cronos (CRO) $ 0.060830
near
NEAR Protocol (NEAR) $ 1.65
arbitrum
Arbitrum (ARB) $ 1.18
vechain
VeChain (VET) $ 0.019517
apecoin
ApeCoin (APE) $ 3.22
the-sandbox
The Sandbox (SAND) $ 0.611283
the-graph
The Graph (GRT) $ 0.123236
algorand
Algorand (ALGO) $ 0.149945
paxos-standard
Pax Dollar (USDP) $ 1.00
eos
EOS (EOS) $ 0.908465
frax
Frax (FRAX) $ 0.998955
render-token
Render (RNDR) $ 2.68
elrond-erd-2
MultiversX (EGLD) $ 37.56
decentraland
Decentraland (MANA) $ 0.522184