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Bybit UK BAN: Can we still use Bybit in the United Kingdom?
Since October 8, 2023 , Bybit has suspended its services in the United Kingdom , due to the new regulations imposed by the Financial Conduct Authority (FCA) . This ban prevents British users from opening an account, filing funds or negotiating cryptocurrencies on the platform.
If you are in the United Kingdom and you are looking for a legal alternative and in accordance with British regulations, several platforms remain accessible. This article explains the bybit prohibition to UK , what are the consequences for traders and which regulated platforms can replace bybit legally.
Table of contents
Why is Bybit prohibited in the United Kingdom?
The British regulatory framework and the prohibition of bybit in UK
The Financial Conduct Authority (FCA) , the United Kingdom's financial regulatory body, has implemented new rules in October 2023 to supervise the promotion of cryptocurrency services. These rules require strict obligations to exchanges, in particular:
- The display of warning messages on the risks linked to cryptos.
- A compulsory 24 -hour waiting period for new investors.
- Reinforced checks to ensure that the products offered are suitable for users.
- A ban on misleading or incomplete advertisements.
These new requirements have led to the bybit's intericiton at the UK , because Bybit was not registered with the FCA and could therefore not legally promote its services or accept new British customers.
Bybit has chosen to suspend its services in the United Kingdom
Rather than immediately complying with the British requirements, Bybit has decided to close access to its platform to residents of the United Kingdom .
On October 1, 2023 , Bybit arrested the opening of new accounts for British users. Then, from October 8, 2023 , trading services were suspended .
In his official announcement, Bybit said:
“We have made the decision difficult but necessary to suspend our services in the United Kingdom to comply with new regulations. »»
Finally, on January 8, 2024 , all the positions opened on derivative and leverage products were automatically liquidated .
Consequences of the bybit to UK for British users
Which is no longer possible on Bybit in the United Kingdom
Since the prohibition of bybit to the UK, British residents can no longer:
Create a new account on the platform.
Make sterling or cryptocurrency pound deposits.
Access derivative products, term contracts and options.
Use services such as Stuking , Crypto loans or Launchpad.
What is possible
Fund withdrawals remain accessible, allowing British users to transfer their cryptocurrencies to another Exchange.
The positions opened before October 2023 have been reduced or closed , but since January 2024 , the remaining positions have been liquidated.
What legal alternatives to Bybit in the United Kingdom?
- Coinbase : Particularly addressing beginners, Coinbase offers an intuitive interface, reactive customer service and simplified purchase ease. His commitment to regulation makes it a key player in the European market.
- Bitvavo : European Exchange based in the Netherlands renowned for its transparent and competitive costs, Bitvavo offers an interface adapted to beginners and experienced traders. It presents the particularity of clearly displaying the user the costs and rare applied spreats, allowing all transparency by avoiding costs that certain exchanges tend to hide.
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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Go around the bybit at UK with a VPN?
The use of a VPN to access Bybit from the United Kingdom is technically possible, but it violates the conditions of use of the platform . Bybit can block or freeze accounts identified as belonging to British residents trying to bypass the prohibition.
In addition, the FCA prohibits unregistered companies from offering their services to British residents , which means that access to Bybit with a VPN does not offer any security guarantee and exposes users to legal and financial risks .
In which Bybit countries is it accepted?
Bybit is available in more than 160 countries , but some jurisdictions impose strict restrictions on him. Among the territories where the platform is restricted , we find the United States, China, Singapore, the United Kingdom and France , due to rigorous regulatory frameworks or sanctions. Other regions, such as Crimea, Donetsk and Luhansk , are also prohibited from access for geopolitical reasons.
Towards regulation beyond Europe for Bybit
In parallel, Bybit works on the acquisition of additional licenses, especially in Hong Kong , a major hub for cryptocurrency in Asia. These approaches aim to strengthen the protection of users and guarantee the compliance of the platform against local regulations.
Bybit licenses and regulations
Bybit has already obtained several regulatory authorizations allowing him to offer his services legally on various international markets. Among the most notable:
- Kazakhstan : Registration with the Astana Financial Services Authority (AFSA) , which allows Bybit to operate as a regulated digital asset trading conservation and investment management services .
- Cyprus : Approval for providing trading and crypto-active trading services , in accordance with European regulatory standards.
- Georgia : Registration as a virtual asset service provider (VASP) with the National Bank of Georgia , thus ensuring its compliance with local regulations.
- Dubai : Obtaining a provisional license from the Virtual Asset Regulatory Authority (VARA) , a key step towards a complete authorization to serve private and institutional investors.
Thanks to these regulatory approvals , Bybit continues to extend its presence in various 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 .
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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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Yohan Uzzan
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.
