Bybit to Suspend Services for UK Customers After FCA Crypto Derivatives Ban
Bybit said it will no longer be providing its services following the Financial Conduct Authority’s (FCA) ban on crypto derivatives.
The new FCA policy will see the number of companies required to submit financial crime reports increase from 2,500 to 7,000.
The crypto-friendly firm will use this pause to strengthen its anti-money laundering controls.
The “clone” firm has been emailing and cold-calling investors and using the real company’s Firm Reference Number with a fake name, the regulator said.
These young investors "skew more towards being female, under 40 and from a BAME background," the regulator said.
Only four out of 200 crypto businesses' applications to the FCA's Money Laundering Registration regime have seen a decision, said CryptoUK.