Bybit, one of the top three crypto exchanges in the industry in terms of market share and volume of trade is set to quit the French market after facing regulatory hurdles in the European country.
In 2023, France made it harder for crypto firms to receive licenses in the country and that development significantly contributed to Bybit’s decision to quit the French market.
Bybit made the announcement via a press release on its official website stipulating its reasons for the decision while explaining exactly the type of transactions that would no longer be possible for French users.
“ Dear client,
It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations. In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents (“French Users”).
If you are a French User:
Effective from August 2nd, 2024; 08:00 UTC:
Your account will be restricted to a “Close-Only” mode, which means that from that time onwards, there can be no opening or adding of any new positions nor the purchasing of any type of products by you. This restriction is applicable across all products offered by Bybit (including the One-Click Buy, Bybit Card, P2P, all Spot products, all Derivative products, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products). At the same time, all deposits to your account will be similarly restricted.
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.
Effective from August 13th, 2024; 08:00 UTC
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 at such point in time will be liquidated. All Card Services will also be suspended from this date onwards. From this date onwards, you will only be able to withdraw assets and funds from your account with us.
We apologize 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 licenses allowing us to do so have been secured.
If you have any questions or concerns regarding this matter, please reach out to our Customer Support team by submitting a case via this form.
Bybit’s decision to pull out from the French market comes after France made it difficult for crypto countries to receive a license in preparation for its implementation of the European Union’s MiCA laws which goes into full effect in December.
What to Know
- Bybit brought in $134.65 billion (12%) of July’s total 1.12 trillion trading volume from crypto exchanges.
- Bybit is a top three crypto exchange in the industry in terms of Market share and trading volume. It also remains one of the few crypto exchanges still operational in Nigeria.