Fun

News Feed - 2023-09-23 12:09:11

Turner Wright8 hours agoBybit will suspend services in UK following financial regulator’s ‘final warning’Headquartered in Dubai, crypto exchange Bybit said it will suspend services to residents of the United Kingdom starting in October due to “regulatory changes.”4200 Total views15 Total sharesListen to article 0:00NewsJoin us on social networksDubai-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.


“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses. [...] Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” said the firm.Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit

Find out more here: https://t.co/ubKN3NrFhE pic.twitter.com/06ucS4giKV— Bybit (@Bybit_Official) September 22, 2023


Bybit’s date to wind down its services will fall on the FCA’s deadline for crypto asset firms marketing to users in the U.K. to be in compliance with certain rules aimed at providing “clear, fair and not misleading” marketing regimes. The FCA first announced the rules in June and issued an additional warning on Sept. 21, reminding firms of the Oct. 8 deadline and the risk of criminal charges.


Related:UK considers blanket ban on crypto investment cold calls


According to Bybit, the suspension of services “will allow the company to focus its efforts and resources being able to best meet the regulations outlined by the UK authorities in the future.” The FCA suggested that certain firms could have until January 2024 to be in compliance with the marketing rules but would need prior approval from the regulator.


Bybit announced a similar winding down of services in Canada in May, citing “recent regulatory development” at the time. However, the firm has expanded into new markets, including Kazakhstan, where it received in-principle approval to operate as a crypto custody service provider in May. 


Magazine:Deposit risk: What do crypto exchanges really do with your money?# Bitcoin Regulation# UK Government# Cryptocurrency Exchange# United Kingdom# RegulationAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedStablecoin exodus: Why are investors fleeing crypto’s safe haven?How are crypto firms responding to US regulators" enforcement actions?

News Feed

While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It’s Closer to 200%
While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It"s Closer to 200% Inflation has skyrocketed in Turkey as official figures from the Turkish St
Nodeseeds Launches Three-Tier Membership to Ensure Transparency and Fair Allocation of Projects
Nodeseeds Launches Three-Tier Membership to Ensure Transparency and Fair Allocation of Projects press release PRESS RELEASE. Blockchain venture capitalist firm No
MUNCH Hits Record-Breaking 1000 ETH Charity Donation Milestone
MUNCH Hits Record-Breaking 1000 ETH Charity Donation Milestone press release PRESS RELEASE. Charity donation project MUNCH announces the ground-breaking milestone of donating over 1
Google updates Gemini AI, apologizes for ‘woke’ inaccurate imagery
Savannah Fortis11 hours agoGoogle updates Gemini AI, apologizes for ‘woke’ inaccurate imageryGoogle updates Gemini AI amid controversy over inaccurate imagery, introducing features while addressing concerns over bias
Swan Bitcoin cancels conference amid staff reduction, mining shutdown
Turner Wright2 hours agoSwan Bitcoin cancels conference amid staff reduction, mining shutdownAccording to Swan Bitcoin CEO Cory Klippsten, “it just doesn’t feel like the right time for a festival” after the firm an
Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions — Penalty Includes 3 Years in Prison
Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions — Penalty Includes 3 Years in Prison Japan’s top financial regulator has asked cryptocurrency exchanges i
Another ‘Sleeping Bitcoin’ Block Reward from 2010 Was Caught Waking Up After Ten Years
Another "Sleeping Bitcoin" Block Reward from 2010 Was Caught Waking Up After Ten Years Another 2010 block reward was spent on Wednesday morning (ET) adding to th
OpenAI launches new super-efficient, low-latency ‘GPT-4o mini’
Tristan Greene3 hours agoOpenAI launches new super-efficient, low-latency ‘GPT-4o mini’The new model purportedly offers comparable performance at a fraction of the cost.813 Total views1 Total sharesListen to article
Ezra Reguerra14 hours agoCircle weighs in on SEC vs. Binance case, argues stablecoins are not securitiesCircle noted that assets pegged to the U.S. dollar are not securities, partly because users are not expecting any pr
FIFA Unveils Range of New Web 3․0 Games Ahead of FIFA World Cup Qatar 2022™
FIFA Unveils Range of New Web 3․0 Games Ahead of FIFA World Cup Qatar 2022™ press release PRESS RELEASE.FIFA has unveiled a portfolio of new future-focussed web 3.0 games to ent
Input-Output Global Devs Reveal Cardano’s Vasil Hard Fork Is Scheduled for September 22
Input-Output Global Devs Reveal Cardano"s Vasil Hard Fork Is Scheduled for September 22 While The Merge is expected to take place in just over ten days’ time, Cardano’
Tom Mitchelhill7 hours agoOpenAI shutters AI detector due to low accuracyOpenAI has quietly pulled the plug on its AI Classifier, which aimed to help teachers, professors and others distinguish between human- and AI-writ