Why is Bybit banned in the UK?

Could you please elaborate on the reasons why Bybit has been banned in the United Kingdom? I'm quite interested in understanding the regulatory framework and the specific reasons that led to this decision. What are the key factors that the UK authorities considered when making this ban? Is it related to the lack of regulatory oversight or any specific risks associated with Bybit's operations? Could you also discuss any potential implications of this ban for the cryptocurrency industry in the UK and globally?