Bybit, one of the top cryptocurrency exchanges in terms of trading volume, announced yesterday (Thursday) that it will terminate its products and services for French nationals and residents. The exchange cited “recent regulatory developments” in the country behind its decision.
Close-Only to Liquidation
The official announcement detailed that the exchange will restrict the accounts of its French clients to a “Close-Only” mode from August 2, prohibiting them from opening new trading positions. It also urged French users to close all positions and withdraw their funds.
“Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds from your account,” the announcement stated.
Further, on August 13, the exchange will liquidate “all of the remaining open positions across all products (including but not limited to all Derivative products, all Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn products and Bybit Structured Products) that continue to remain unclosed.”
However, the crypto exchange will still allow the withdrawal of assets and funds following the liquidation deadline.
???? BREAKING ???? Bybit annonce l'interruption de ses services pour les utilisateurs français. pic.twitter.com/ZcnmiISgu5
— Journal du Coin (@LeJournalDuCoin) August 1, 2024
Warning by the French Regulator
The decision of Bybit came after the French financial regulator, Autorité des Marchés Financiers (AMF), issued a warning against Bybit last May. According to the regulator, the exchange was operating in the country without any authorization even after its inclusion on a blacklist two years ago.
Under French law, digital asset service providers (DASPs) must register with the AMF before offering services connected to digital assets, including operating a crypto trading platform. Top crypto brands like Coinbase, Circle, Crypto.com, and Gemini have obtained local licences to secure their presence in the country.
Despite its exit, Bybit plans to return to the European country. It did not furnish any plans in that direction though. “We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured,” the announcement added.
This article was written by Arnab Shome at www.financemagnates.com.
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