Popular cryptocurrency exchange Bybit announced Tuesday that it will discontinue its withdrawal and custody services in France owing to increasing regulatory pressures.
What Happened: Bybit asked its French users to withdraw their funds before Jan. 8, 2025, at 8 a.m. UTC, to avoid any potential issues with account access or fund transfers.
The exchange said it would transfer unclaimed assets exceeding 10 USD Coin USDC/USD to Coinhouse, a licensed cryptocurrency custodian in France. For accounts with balances under 10 USDC, Bybit will impose a termination fee equivalent to 10 USDC, deducting it from available assets, before closing the account.
Earlier in August, Bybit restricted French users from acquiring new products or adding to positions.
Why It Matters: Bybit cited “recent developments” by France’s financial markets regulator, The Autorité des Marchés Financiers, as a reason for the exit. The exchange has remained blacklisted in the country since May 2022 for non-compliance with regulations.
This is not the first time Bybit has faced regulatory challenges. The exchange had to suspend its services in the U.K. last year following the imposition of stricter rules by the U.K. Financial Conduct Authority. Bybit also doesn’t offer services to U.S. residents at this time.
ByBit is one of the biggest cryptocurrency trading platforms globally, facilitating trades worth more than $9 billion over the last 24 hours, according to CoinGecko. Bitcoin BTC/USD, Ethereum ETH/USD, and a host of other coins can be traded on the platform.
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