I think it is just a simple strategic business decision. It is possible that they are trying to avoid the costs and burdens of complying with UK regulations, which can be restrictive. Also, they may be concerned that these regulations will limit their ability to operate as they want to.
If you question their intentions and integrity, that's up to you to judge. These UK regulations for crypto exchanges are becoming challenging.
This is the reason why they temporarily suspended their services in the market for UK customers.
For the full details of the announcement made on September 22, please visit: https://announcements.bybit.com/en-US/article/announcement-bybit-to-suspend-services-in-the-uk-blt286daa9208c8f3aa
If you question their intentions and integrity, that's up to you to judge. These UK regulations for crypto exchanges are becoming challenging.
This is the reason why they temporarily suspended their services in the market for UK customers.
Quote
DUBAI, United Arab Emirates, Sept. 22, 2023 — Bybit has always aimed to operate our business in compliance with all relevant rules and regulations in the UK. In response to the UK Financial Conduct Authority's introduction of new rules concerning marketing and communications by crypto businesses, as outlined in the June 2023 Policy Statement (PS23/6) titled 'Financial Promotion Rules for Crypto assets,' Bybit has made the proactive choice to embrace this regulation and temporarily pause our services in this market. This suspension will allow the company to focus its efforts and resources on better meeting the regulations set by UK authorities in the future.
For the full details of the announcement made on September 22, please visit: https://announcements.bybit.com/en-US/article/announcement-bybit-to-suspend-services-in-the-uk-blt286daa9208c8f3aa
I understand that it is challenging to comply with these regulations no doubt, the reason I said that I'm suspicious is due to the fact that some exchanges, Bitget for example is complying with the same regulations, why aren't the other exchanges doing same? Are there different regulations for each and every exchange in those regions with stringent regulations?
You are on point and thats why i feel Ben will need to release a statement explaining why the sudden exit. If like you pointed out, a fellow top 5 derivative exchange is still operating there without issue then we deserve more explanation.
A similar same scenario played out in Canada and while Bybit and binance left Gracy Chen's team decided to stay back.
