Bybit To Suspend UK Services From October 1, Coinbase CEO Warns Against AI Regulation

Here are some of the major developments from the world of crypto over the past few days
Bybit To Suspend UK Services From October 1, Coinbase CEO Warns Against AI Regulation
Bybit To Suspend UK Services From October 1, Coinbase CEO Warns Against AI Regulation

Dubai-based cryptocurrency exchange Bybit has announced the suspension of its services to the UK in response to pending rules from the country’s Financial Conduct Authority (FCA).

Bybit announced in a statement on September 22, 2023 that it will stop accepting applications for new accounts from October 1, 2023, and start with suspension of new deposits, new contracts and changes to positions for existing users a week later, beginning October 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,” the crypto exchange said in a post on X, previously Twitter.

Bybit’s date to wind down its services will fall on the FCA’s deadline for crypto asset firms marketing to users in the UK 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 this year and issued an additional warning on September 21, 2023 reminding firms of the October 8 deadline and the risk of criminal charges.

Coinbase CEO Warns Against AI Regulation

Coinbase CEO Brian Armstrong has said that decentralisation and open-sourcing artificial intelligence (AI) is a better alternative to regulating the space.

He said in a post on X, previously Twitter, on September 23, 2023 that AI should not be regulated. He said the AI space needs to develop as soon as possible because of reasons, such as national security, adding that despite the best intentions of regulators, regulation “has unintended consequences,” and it kills innovation and competition.

“Count me as someone who believes AI should not be regulated. We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best intentions. We’ve enjoyed a golden age of innovation on software and the Internet largely due to it not being regulated. AI should do the same. The best protection is to decentralise it and open source it to let the cat out of the bag,” he said in his post on X.

Bitmain Rolls Out Energy-Focused Antminer S21

Bitcoin mining server maker Bitmain on September 22, 2023 rolled out its next-generation Antminer S21 and S21 Hydro ASIC miners at the World Digital Mining Summit (WDMS) in Hong Kong.

The S21 has a hash rate of 200 terahashes per second (TH/s) and an efficiency of 17.5 joules per terahash (J/T), while the S21 hydro hashes at 335 TH/s and 16 J/T, which is notable given that until recently, most Bitcoin ASICS were operating above the 20 J/T level.

With electricity costs continuing to rise year-over-year and the Bitcoin halving projected to occur in April 2024, ASIC efficiency is quickly becoming the paramount focus of miners, and many are also pivoting toward folding in renewable energy sources as a core component of their operations.

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