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Bybit UK Ban: Can Bybit still be used in the United Kingdom?
Since October 8, 2023 , Bybit has suspended its services in the United Kingdom due to new regulations imposed by the Financial Conduct Authority (FCA) . This ban prevents UK users from opening an account, depositing funds, or trading cryptocurrencies on the platform.
If you are in the UK and looking for a legal alternative that complies with British regulations, several platforms remain accessible. This article explains the ban on Bybit in the UK , the consequences for traders, and which regulated platforms can legally replace Bybit.
Table of contents
Why is Bybit banned in the UK?
The UK regulatory framework and the ban on Bybit in the UK
The Financial Conduct Authority (FCA) , the UK's financial regulator, introduced new rules in October 2023 to govern the promotion of cryptocurrency-related services. These rules impose strict obligations on exchanges, including:
- Displaying warning messages about the risks associated with cryptocurrencies.
- A mandatory 24-hour waiting period for new investors.
- Enhanced checks to ensure that the products offered are suitable for users.
- A ban on misleading or incomplete advertising.
These new requirements led to Bybit being banned in the UK , as Bybit was not registered with the FCA and therefore could not legally promote its services or accept new UK customers.
Bybit has chosen to suspend its services in the United Kingdom
Rather than immediately complying with British requirements, Bybit decided to close access to its platform to residents of the United Kingdom .
On October 1, 2023 , Bybit stopped opening new accounts for UK users. Then, from October 8, 2023 , trading , deposit, and investment services .
In its official announcement, Bybit stated:
"We have made the difficult but necessary decision to suspend our services in the UK to comply with new regulations."
Finally, on January 8, 2024 , all open positions on derivative and leveraged products were automatically liquidated .
Consequences of the Bybit ban in the UK for British users
This is no longer possible on Bybit in the United Kingdom
Since Bybit was banned in the UK, British residents can no longer:
Create a new account on the platform.
Make deposits in pounds sterling or cryptocurrencies.
Access derivatives, futures contracts and options.
Use services like staking , crypto loans, or launchpad.
What remains possible
Fund withdrawals remain accessible, allowing UK users to transfer their cryptocurrencies to another exchange.
Positions opened before October 2023 could be reduced or closed , but since January 2024 , the remaining positions have been liquidated.
What legal alternatives to Bybit exist in the UK?
You can invest in cryptocurrencies with Gemini.
The platform offers:
- Top-notch security, with “cold” storage of the majority of funds
- A dual interface: a simplified application for beginners and ActiveTrader , an advanced platform offering decreasing fees according to volume and a competitive order book.
- Access to more than 60 cryptocurrencies, as well as a rare offering on the market: tokenized stocks (Nvidia, Apple, etc.). These products replicate the price of real stocks via tokens issued directly on the Gemini platform, allowing them to be purchased and traded 24/7 like cryptocurrencies, without going through a traditional stock broker.
- Strict regulatory compliance, with Gemini being one of the first platforms approved in the United States and holding the European license ( MiCA ).
- Additional services such as staking to generate returns on these cryptocurrencies.
Gemini therefore allows you to invest in both cryptocurrencies and tokenized stocks, all in a secure and regulated environment.
You can also buy your cryptocurrencies directly from a decentralized wallet ( Metamask , Exodus, Trust Wallet ) by holding your funds directly on the blockchain .
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✔ Mastering a decentralized wallet ( DeFi ) – Learn how to manage your assets without intermediaries and interact directly with the blockchain.
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How to bypass the Bybit ban in the UK with a VPN?
Using a VPN to access Bybit from the UK is technically possible, but it violates the platform's terms of service . Bybit may block or freeze accounts identified as belonging to UK residents attempting to circumvent the ban.
Furthermore, the FCA prohibits unregistered companies from offering their services to UK residents , meaning that accessing Bybit with a VPN offers no security guarantees and exposes users to legal and financial risks .
In which countries is Bybit accepted?
Bybit is available in over 160 countries , but some jurisdictions impose strict restrictions. Among the territories where the platform is restricted are the United States, China, Singapore, the United Kingdom , and France , due to stringent regulatory frameworks or sanctions. Other regions, such as Crimea, Donetsk, and Luhansk , are also off-limits for geopolitical reasons.
Towards regulation beyond Europe for Bybit
In parallel, Bybit is working to acquire additional licenses, particularly in Hong Kong , a major hub for crypto-assets in Asia. These efforts aim to strengthen user protection and ensure the platform's compliance with local regulations.
Bybit's licenses and regulations
Bybit has already obtained several regulatory approvals allowing it to legally offer its services in various international markets. Among the most notable are:
- Kazakhstan : Registration with the Astana Financial Services Authority (AFSA) , which allows Bybit to operate as a regulated digital asset trading custody and investment management services .
- Cyprus : Approval to provide crypto-asset trading and custody services , in compliance with European regulatory standards.
- Georgia : Registered as a Virtual Asset Service Provider (VASP) with the National Bank of Georgia , ensuring compliance with local regulations.
- Dubai : Obtained a provisional license from the Virtual Asset Regulatory Authority (VARA) , a key step towards full authorization to serve retail and institutional investors.
Thanks to these regulatory approvals , Bybit continues to expand its presence in different markets while respecting local legal requirements.
Investments in cryptocurrencies are risky. Crypternon could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a property or service put forward in this article. Readers must do their own research before undertaking any action and investing only within the limits of their financial capacities. Past performance does not guarantee future results. This article does not constitute an investment advice.
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AMF recommendations. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital .
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Yoann
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
