Bybit Withdraws from French Market Amid Regulatory Shifts
- Bybit's exit from France is a direct response to new regulatory requirements, showcasing the exchange's commitment to adhering to legal standards.
- French users are advised to close all open positions and withdraw their assets by August 13, 2024, to manage their investments.
- Effective August 2, 2024, French accounts will be in "Close-Only" mode, preventing new positions or purchases, with all remaining positions liquidated by August 13, 2024.
What’s the Reason Behind Bybit’s Exit?
On August 1, Bybit, a prominent cryptocurrency exchange announced its exit from France due to recent regulatory developments from the French regulator. This decision aligns with the exchange's commitment to operating in compliance with all relevant rules and regulations.
Bybit made the exit announcement through a blog post, followed by a list of discontinued products and services.
Bybit France has instructed users to close all open positions across its product offerings and start withdrawing their assets and funds from their accounts. This measure is to ensure that users can manage their investments and funds before the next phase of restrictions. Bybit news comes after France made it harder for crypto firms to obtain proper licenses in August 2023 in a preparatory move for the European Union’s Markets in Crypto-Assets (MiCA) regulation framework.
List of Discontinued Products and Services
Effective from August 2, 2024, at 08:00 UTC, accounts of French users will be restricted to a "Close-Only" mode. This means that users will no longer be able to open or add new positions, nor purchase any products offered by Bybit.
The restriction applies across all products, including One-Click Buy, Bybit Card, P2P, Spot products, Derivative products, cryptocurrency trading on Bybit, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products. Additionally, all deposits to French users' accounts will be restricted.
Furthermore, from August 13, 2024, at 08:00 UTC any remaining open positions across all products will be liquidated. This includes all Derivative products, Spot products, Active Trading Bots, token Trading, Bybit Card, Bybit Earn products, and Bybit Structured Products.
All card services will also be suspended from this date onwards. After this date, French users will only be able to withdraw assets and funds from their accounts. Moreover, Web3 products and services including Bybit Wallet, NFT Pro, Bybit Cloud Wallet, airdrop arcade, third-party wallets, keyless wallet, ApeX, DApp ranking, IDO, and staking, will be available, as per the blog post.
Bybit's decision reflects the growing regulatory scrutiny in the cryptocurrency sector and the company's proactive approach to compliance.
Conclusion
Bybit's exit from France indicates the increasing regulatory challenges faced by crypto exchanges. Bybit's proactive measures to comply with new regulations highlight its dedication to operating within legal frameworks while ensuring a smooth transition for its French users.
Also Read: Pixelverse Opens Early NFT Mint & Celebrates 38M Players
