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Bybit is winding down its services in France, with the crypto exchange citing recent regulatory developments for the decision.
The crypto exchange, which ranks among the world’s leading crypto exchanges and trading platforms by volume, also released a timeline of when the services and products will be unavailable to its users in the country.
“In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents,” the exchange wrote.
Deposits and P2P support disabled effective Aug. 2
According to the notice addressed to Bybit’s users in France, the exchange’s exit begins on August 2, 2024, at 8:00 UTC.
From this date, customer accounts will shift to “Close-Only” mode. This means customers will no longer be able to open or add new positions as well as deposit funds.
Bybit will also end all support for buying for French users. Meanwhile, the exchange will disable spot products, one-click buying, and P2P among other services and products.
Users should close all open positions by August 13, 2024, at 08:00 UTC. All open positions will be liquidated after the specified deadline. Notably, the exchange will continue to allow withdrawals.
However, non-EUR fiat assets will automatically convert into USDT beginning Aug. 8, 2024.
What next?
As noted, Bybit cites the French regulatory environment as what informed the decision to halt operations in the country. While the announcement does not offer further details on specific regulatory developments, it has plans to reopen services once the company secures the necessary licences.
We apologise for any inconvenience this may cause and appreciate your support and cooperation as we step up our efforts to meet regulatory requirements. We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured.
MiCA regulation
Bybit’s move to end support for French users comes amid increased scrutiny on crypto exchanges as the European Union implements its Markets in Crypto-Assets (MiCA) regulation.
Coinbase and Circle are among the top crypto firms to secure relevant approvals to offer their services to customers in the EU.
Meanwhile, Uphold and Binance are some of the exchanges that have moved to delist or restrict unauthorised stablecoins amid the MiCA implementation.
Bybit’s shutdown of its services in France follows the country’s regulatory update that makes the process of securing licences tougher.
French regulator Autorité des marchés financiers (AMF) announced amendments to the digital assets services provider (DASP) regulation in October 2023.
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