Bybit Exits French Market Amid Tightening Crypto Regulations

BySamson Ononeme

Aug 1, 2024 ,
Cryptocurrency exchange Bybit announces exit from French market due to tightening regulations.

Key Insights

  • Bybit cryptocurrency exchange to cease operations in France from August 2
  • French users barred from new purchases and positions, with liquidations set for August 13
  • Decision follows tightening of French crypto regulations ahead of EU’s MiCA implementation

PARIS (Reuters) – Cryptocurrency exchange Bybit announced on Thursday it will cease operations in France, citing recent regulatory developments in the country. The move comes as France tightens its grip on crypto firms in preparation for the European Union’s incoming Markets in Crypto-Assets (MiCA) regulation.

Starting August 2 at 8:00 UTC, French users will be barred from purchasing any products, opening new positions, or adding to existing ones on the Bybit platform. The restriction applies to all Bybit offerings, including Bybit Earn and spot products.

“In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents,” the company stated in a release.

The exchange has set a deadline of August 13 at 8:00 UTC for French users to close their open positions, after which any remaining unclosed positions will be liquidated. Following this date, users will only be permitted to withdraw their assets and funds.

Bybit’s exit from the French market follows France’s move in August 2023 to make it more challenging for crypto firms to obtain proper licenses. This shift was part of France’s preparation for the implementation of MiCA, which is set to take full effect in December.

Read also! Binance Restricts European Services Ahead of MiCA Deadline

Despite the current withdrawal, Bybit expressed optimism about a potential return to the French market, stating,

“We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, he captivates readers with captivating storytelling and delivers insightful market analysis.

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