As Bybit Move to Suspend Service in UK, What are our options?

[Bash4j]

Just while the EU agreed for banks to hold 2% of their capital in BTC via a collective vote that will come into power by Jan 2025! The Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA.
In a Sept. 22 announcement, Bybit said it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account applications. This move will be followed by the suspension of new deposits, new contracts, and changes to positions for existing users on Oct. 8.

Interestingly one of the top five global derivatives trading platforms by volume, described to be a secure, trustworthy, and reliable platform remains active in the region.

 

[BashirJasper]

They are clearly so many options in the choice of crypto exchange but clearly not binance since they are also known for not complying with regulatory rules as witnessed in US, Canada, Japan, the Netherlands and Australia. Our best bet here in the top 5 should be clearly Bitget or okx.

 

[ImamShaheb]

Just while the EU agreed for banks to hold 2% of their capital in BTC via a collective vote that will come into power by Jan 2025! The Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA.
In a Sept. 22 announcement, Bybit said it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account applications. This move will be followed by the suspension of new deposits, new contracts, and changes to positions for existing users on Oct. 8.

Interestingly one of the top five global derivatives trading platforms by volume, described to be a secure, trustworthy, and reliable platform remains active in the region.

DEXs can be a good option, among CEXs I guess, Bitget/BingX!(Bitget already have an inbuilt swap system like a DEX!)

 

[ImamShaheb]

They are clearly so many options in the choice of crypto exchange but clearly not binance since they are also known for not complying with regulatory rules as witnessed in US, Canada, Japan, the Netherlands and Australia. Our best bet here in the top 5 should be clearly Bitget or okx.

But brother, OKX is more sensitive 🙁.

 

[BashirJasper]

But brother, OKX is more sensitive 🙁. View attachment 59198

Yeah, I'm aware of that but they still operate in some places in UK evident in their partnership with Manchester City FC. Though the more reliable option in the top 5 right now is Bitget (no doubt about that), let's see what the future holds amidst the renewed rigour in regulatory guidelines across the globe

 

[Maxicreed]

DEXs can be a good option, among CEXs I guess, Bitget/BingX!(Bitget already have an inbuilt swap system like a DEX!)

I haven't explored that of Bingx but tbh it will be cool to have a similar fashion of that of bitget on most top exchange. It pretty fast on my first experience using it.

 

[ImamShaheb]

Yeah, I'm aware of that but they still operate in some places in UK evident in their partnership with Manchester City FC. Though the more reliable option in the top 5 right now is Bitget (no doubt about that), let's see what the future holds amidst the renewed rigour in regulatory guidelines across the globe

Maybe Bitget is the only option imho, since Bybit is also taking exit from UK!

 

[ImamShaheb]

I haven't explored that of Bingx but tbh it will be cool to have a similar fashion of that of bitget on most top exchange. It pretty fast on my first experience using it.

Yeap, indeed, infarct their UI is more attractive and smoother than BingX's!

 

[Zeddicus]

Yeah, I'm aware of that but they still operate in some places in UK evident in their partnership with Manchester City FC. Though the more reliable option in the top 5 right now is Bitget (no doubt about that), let's see what the future holds amidst the renewed rigour in regulatory guidelines across the globe

It's no good news to see CEXs are in one way or the other stoping their services or exiting from regions but I believe there are reasons to this. And yes the mentioned CEX is still operational which could be a save haven for UK traders in my humble opinion.

 

[Raymondblue]

Just while the EU agreed for banks to hold 2% of their capital in BTC via a collective vote that will come into power by Jan 2025! The Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA.
In a Sept. 22 announcement, Bybit said it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account applications. This move will be followed by the suspension of new deposits, new contracts, and changes to positions for existing users on Oct. 8.

Interestingly one of the top five global derivatives trading platforms by volume, described to be a secure, trustworthy, and reliable platform remains active in the region.

I can't seem to comprehend why some CEX are trying to evade regulations while others seems to seemlessly comply and operate without any hassle. One thing comes to mind, either the CEXs has a shady deals or ulterior motives towards users assets. FTX was a great lesson and any CEX against regulation should obviously be avoided like plague.

 

[ImamShaheb]

I can't seem to comprehend why some CEX are trying to evade regulations while others seems to seemlessly comply and operate without any hassle. One thing comes to mind, either the CEXs has a shady deals or ulterior motives towards users assets. FTX was a great lesson and any CEX against regulation should obviously be avoided like plague.

& you've missed something, maybe they're not making that much money with regulations! Otherwise why Giants like Bybit/Nance aren't adopting while Bitget isn't afraid at all!

 

[Isi24]

I can already sense the discomfort and inconvenience that this sudden exit will cause for traders who have come to rely on Bybit for their crypto transactions. It's always unsettling when a trusted platform, like Bybit, decides to pack up and leave, leaving its users in a lurch. You've got to wonder what led to this decision and how it will impact the trading landscape in the UK.

 

[DominionAJ]

I can already sense the discomfort and inconvenience that this sudden exit will cause for traders who have come to rely on Bybit for their crypto transactions. It's always unsettling when a trusted platform, like Bybit, decides to pack up and leave, leaving its users in a lurch. You've got to wonder what led to this decision and how it will impact the trading landscape in the UK.

A friend of mine who stays in the UK relate with me how much he was disappointed, issues like this will definitely break users who are already familiar with how the exchange operates. Anyways this is a call for users to research more about exchanges and check their levels of compliance before deciding to use them.