Singapore-based cryptocurrency exchange company Bybit announced on Friday that it is suspending service to its UK clients. Bybit offers a range of advanced cryptocurrency trading products such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), among others.

The company said the move comes on the heels of a complete ban on all trading in cryptocurrency derivatives by the Financial Conduct Authority, and UK clients will have until March 31 to close positions and withdraw their money from the platform.

The announcement also confirmed the company’s intention to continue its dialogue with regulators with the hope of reopening stores in the UK.

We demand immediate cooperation in this regard. We regret this situation and will seek dialogue with the regulators to explore alternatives. We hope we can serve you again in the future.

In the future, new exchange registrations with UK mobile phone numbers or IP addresses will be automatically rejected.

In October 2020, the Financial Conduct Authority (FCA) issued a statement prohibiting all trading in cryptocurrency derivatives, including products such as options, futures, and listed banknotes. The ban came into effect at the beginning of January 2021.

Notably, the FCA’s decision to ban these products did not receive a response from industry advisors. The Financial Conduct Authority (FCA) sought opinions from commercial agencies, national authorities, exchanges and legal representatives, with 97% of respondents opposing the possibility of a ban.

Source: CoinTelegraph