Very bad news for everyone who is the Bitcoin fan in United Kingdom! ByBit is no longer available in the UK! What happened? How can we avoid the ban? What’s the alternative?
ByBit is not working in UK
ByBit is one of the biggest, the best, and the safest cryptocurrency exchange in the entire world! Unfortunately, I have received a notification from the platform that it is no longer available after 8 October 2023. New users cannot join it from 1 October 2023.
All the applications made after that date will face the rejection. If you are existing ByBit customer, you will no longer make any deposits, no matter what method you would like to use. You can’t deposit your money via debit card or bank transfer the same as via blockchain transfer, for example from your crypto wallet.
This is what happens when I want to copy my wallet address from ByBit to paste it in other platforms to complete the transaction:
“Service Restricted” – this is what we can see. The situation is even worse than for the Binance users as the can deposit money via blockchain transfer. As we know Binance is very limited in UK. For example, you can’t deposit money via debit card or bank transfer, you can’t apply for Crypto Card, but you can still trade and use other services.
This is the information I have received:
At the moment I have one position opened, but it will be automatically closed in January 2024, and the only one thing I can do after that date is withdrawing my money or spending it using my ByBit Crypto Card.
ByBit doesn’t clearly explain why it’s suspended in the UK. The notification I have received says that they had to make a difficult and necessary decision. That’s it. I realise that Britain is not the best country for cryptocurrencies market. As I mentioned, Binance, which is the biggest cryptocurrency exchange is very limited. The same as many other platforms.
I began digging in the Google to find more information about this and I found that ByBit is not registered in the FCA, that means Financial Conduct Authority. It’s exactly about the new rules of the UK’s FCA. The new regulations about the crypto market in the country, which ByBit doesn’t want to follow.
In the effect of that the platform has no choice but to stop its activities in Britain. You can find more information about ByBit UK ban here: Bybit To Suspend UK Services From October 1
At the moment we don’t know what is going to happen in the future. Once the Binance had been limited, many people moved to ByBit or other platforms. Now the ByBit is banned, and the only one thing you can do is to withdraw your money! After 8 January 2024 even ByBit Earn will stop working.
That means the platform is going to be completely useless in UK! That’s very bad new, because there is plenty of benefits by being an active user. ByBit offers a lot of rewards and bonuses, and very soon they will be no longer available.
How to avoid the ban?
Alright, many of you will ask now: “I still want to use ByBit. How can I avoid the ban?” Unfortunately, there is nothing you can do if you want to keep your ByBit account open. The reason for this is that each account registered in UK is facing the restrictions, even if you live outside the UK. But it also works the other way around.
So, is there really nothing you can do if you want to keep using ByBit and have access to all the benefits of this platform? No! Obviously, you can’t use your existing account to trade, earn, deposit money and use other services apart withdrawals, but you can always open new account abroad!
Yes! ByBit still works perfectly in the rest of the countries in Europe! What I’m going to do is to open a bank account in my country, Poland. I’m going to have a proof of address thanks to that, and then I can open new ByBit account even if I’m British resident!
A lot of people in England, Wales, Scotland and Northern Ireland have a family members or friends abroad, especially in Republic of Ireland, which is a part of EU. They can ask them for help with opening a bank account to obtain the proof of address required to have full access to all the ByBit services!
As soon as you’ll get it done you can come back to ByBit!
What’s the alternative?
I realise that not everyone has a chance to open new ByBit account abroad, and that’s why I want to show you some legit, alternative platforms. ByBit provides a Crypto Debit Card, which is very useful for you if your want to pay with Bitcoin directly, for example in your local store. Let’s have a look what is the other platform offering the Crypto Card.
1) Crypto.com is one of the best crypto exchanges in the world. It’s 100% legit and safe. I’ve done my research and I have found Crypto.com is working in UK without any issues. As the Coinledgers.io says it’s 100% legal.
Crypto.com provides Crypto Cards the same as ByBit, they even started issuing them long time before ByBit. You can also make money by using that card, for example cash back.
What I’m going to do is to open my own Crypto.com account, and transfer my money from ByBit as well as apply for my new Card. I’ll be able to create my review of this platform so you will know everything you need about it.
2) Coinbase is another great crypto exchange platform which is a good alternative to ByBit. As soon as your account is opened, you’ll get a chance to earn some extra money by solving the quiz. As I remember it’s around $16. And that’s it. Coinbase doesn’t offer many bonuses, but it is a very safe platform, your money will be in good place!
Coinbase offers Crypto Cards like Binance, ByBit and Crypto.com. You can also deposit and withdraw your Pounds directly via Debit Card issued by your local bank! And that’s the main reason for using Coinbase! Not many platforms offer withdrawals directly to your bank account, and Coinbase is one of them!
3) Stormgain works everywhere in the world and it’s very easy to open your account there. It doesn’t require the KYC verification (Know Your Customer). You don’t have to send your ID, proof of address and other documents to start using Stormgain. Why do I recommend it?
Because you can make money without investment! Stormgain is a crypto trading platform but also a cloud miner. You can earn money by clicking the button every four hours, and you’ll get the USDT for that. Once you gather crypto in the value of $10 you can start trading it to multiple your money. All the money you have made by trading is yours!
Unfortunately you can’t withdraw your money to your bank account. Stormgain doesn’t provide a physical debit card as well. That’s why it’s worth to use more then one platform, in this case you can combine Stormgain with Coinbase or Crypto.com. There is also a $3 welcome bonus if you join through my link:
4) Bitget – the same as Stormgain you don’t have to verify yourself due to the KYC, but it’s required to withdraw the FIAT currency. Opening account takes few minutes and you are ready to go! I’ve just started testing this platform, and I’m going to write my review of it. It works well so far, but Bitget doesn’t offer a physical Crypto Card.
However, my first impression is good. The mobile app works fast, it’s clear and easy to navigate.
ByBit is the next crypto platform that has stopped working in United Kingdom due to the local law regulations. The first one was Binance, which is very limited. Many services don’t work now. But Bybit seems like completely banned platform in the country.
At the moment we cannot deposit our money in any way. Very soon, exactly after 8 January 2024 all opened positions will be closed and all the rest of services will be no longer available. The only one thing that is going to be available is money withdrawal. We still have no information about the affiliate program.
However, some people can open new ByBit accounts abroad and keep using this platform. Unfortunately not everyone has a chance to do that. That’s why I have prepared four alternatives for ByBit. Crypto.com looks like the best one, as it offers a physical Card as well as many bonuses.
Coinbase allows its users to deposit and withdraw their money directly via debit cards issued by their local banks. Not many crypto exchanges offer this kind of service. All the new members of Coinbase have a chance to earn some extra money by solving easy quiz. However, it’s not big money as it’s around $16.
The other platforms, that means Stormgain and Bitget seem like a good, stable, well-working crypto platforms. Especially Stormgain, which allows you to make money without any investments. The built-in cloud miner is a great tool. I personally have multiplied my money, so I know it works 100%! There is also a welcome bonus $3!
What is going to happen in the future? We don’t know. At the moment two major crypto exchanges, Binance and ByBit do not work in UK. Both of them offer a lot of benefits, and many users will have no chance to even try these platforms. I hope that it won’t happen to other platforms, if so, UK will become a very unfriendly country to cryptocurrencies.
If you have any questions, or you would like to know more about cryptocurrencies, please let me know in the comment below or send me an email directly.