Bybit has announced an official withdrawal from the French financial market due to regulatory issues.
One of the world’s biggest crypto exchanges, Bybit, has stopped operating in France. France regulators, Autorité des Marchés Financiers (AMF), blacklisted Bybit for operating in the country without a license. The exchange has been at variance with the French financial market since 2022.
Bybit Exits France
Bybit announced on Thursday that starting August 2, it will discontinue offering its services to French users. The exchange stated that it has always tried to comply with regulatory issues, but the recent regulatory developments in the French territory have made it unfavorable for its operation.
Before Bybit’s withdrawal from France, the AMF published a warning, reminding France citizens to exhibit apparent vigilance when dealing with Bybit as it is unlicensed and has been blacklisted in the country for over two years. However, the regulators did not exercise their right to ban Bybit operations in France. Considering this, Bybit has suspended its services in France.
Announcing the discontinuation of services in France, Bybit said, “If you are a French User: Effective from August 2, 2024, 08:00 UTC: Your account will be restricted to a “Close-Only” mode.” This means Bybit will restrict all deposits to French accounts starting Friday. Additionally, all users with French Know Your Customer (KYC) details will not place any trades on the Bybit app, open new positions, or purchase any crypto products.
Additionally, the exchange noted that the restriction applies to all Bybit services across the country, including Bybit card, One-Click buy, Copy Trading, Trading bot, Bybit Earn, and all Bybit spot and derivatives products. Placing peer-to-peer ads will be discontinued.
The exchange also noted that by August 8, non-EUR fiats will converted to USDT for easy withdrawal. Starting August 13, Bybit will liquidate all open trade positions and suspend all card services. Users will only be allowed to withdraw their funds.
Only Bybit Web3 services will be available for French users after the restrictions.
Concluding the announcement, Bybit advised its French users, “Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds and assets from your account.”
