At the beginning of October, Bybit, Binance, Paypal and Nexo announced almost in unison the partial or total abandonment of their activities in the United Kingdom, in response to the new rules introduced by the FCA (Financial Conduct Authority).
In summary, the new rules that came into force on October 6 prohibit the promotion of cryptocurrency products and services by all companies not authorized by the FCA. Furthermore, these companies must take a series of measures to protect investors by providing clear and transparent information on the risks associated with cryptocurrency trading.
Bybit will completely cease its operations in the UK, Paypal has temporarily suspended cryptocurrency purchases, but is working to comply with the new rules imposed (they plan to re-enable purchases in early 2024), while Binance and Nexo will limit their services to registered customers only.

Specifically, Binance will no longer allow fiat transfers and withdrawals, while Nexo will stop advertising, referrals and cashback cards but will still continue to offer the other services.
In short, until the day they are 100% in compliance with the FCA, it is likely that there will be new restrictions on exchanges in the United Kingdom, hoping they will not make the abrupt decision of Bybit.

Lastly, the United Kingdom is therefore one of the first countries in the world to regulate the cryptocurrency sector, while the USA is still far behind in this regard.

While regulations have been present in Japan since 2017, when the state Financial Services Agency recognized cryptocurrencies as investment goods and as such, exchanges must comply with strict requirements, i.e. obtain authorization from the FSA, follow anti-money laundering regulations and provide information clear and transparent.