Crypto Exchange ByBit is Looking Forward to Ending Trading in the UK
New rules and regulations continue to emerge when crypto is in question. Governments and states don’t want to lose the upper hand to the decentralized and unregulated finance that is crypto just so their fiat currency could lose all of its value. The same happened in the UK, where crypto derivatives exchange ByBit was serving a lot of customers concerning cryptocurrency, but with new regulations and complacent being imposed by Financial Conduit Authority’s consistent tries to ban the cryptocurrency along with its derivatives, ByBit could not continue its operation.
That is why the company has come forward with a statement announcing to pull the plug on serving the UK customers as of 31st March 2021. The company’s further announcements entailed a sense of urgency where the customers were asked to withdraw any funds or financial values they might have with the exchange before the closing date.
Crypto Traders in the UK Devastated by the News
Derivatives are those financial instruments that allow the traders to have high profits using high leverage, which is why this is a lucrative investment option among the traders. Such derivatives exchanges help the customers track the current prices of these digital assets and make a move when the time is right.
But the UK financial commission has banned the sale of these derivatives or other notes that were being given to the customers last year, putting an end to ByBit’s operation in the United Kingdom. The reason put forth by the institution entailed that such products are not well versed in the best interest of the consumers.
Further reasoning to pull the plug included that there is no need for such derivatives whatsoever, which simply means that their continuation and circulation among the common masses doesn’t remain a priority anymore. The ban took effect from January 2021, but like other institutions and derivatives exchange, ByBit continued with the basic operations, but due to the increasing heat, it might not be able to do so now. For those in the UK who believe that they will be able to find a workaround to this scenario, they shouldn’t bother because anyone registering with a UK number and IP address will not be allowed to open an account with ByBit, thus putting an end to their services for the UK customers for now.
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