Crypto: Bybit Leaves France Under Regulatory Pressure
In May, the Autorité des Marchés Financiers (AMF) issued a warning regarding Bybit, an unlicensed crypto exchange in France, calling it risky. This warning precipitated the imminent departure of the platform from the French market. Starting tomorrow, French user accounts will be limited to a “Close-Only” mode, prohibiting the opening of new positions.
AMF and the risks of crypto exchanges
The AMF is not known for mincing its words. This time, it’s Bybit, a well-known crypto exchange, that is in the crosshairs of the French regulator. The platform, which allowed its users to buy, sell, and trade cryptocurrencies, now finds itself in a delicate situation. Why? Because it does not have the necessary authorization to operate in France.
According to an official statement from this crypto company, French Bybit users will have to adhere to a series of restrictions starting tomorrow, August 2. No more impulsive Bitcoin purchases at three in the morning.
From now on, only position closure orders will be accepted. A small revolution that won’t fail to ruffle some feathers.
The list of products affected by this measure is as long as a day without bread: One-Click Buy, Bybit Card, P2P, all Spot products, all derivatives, Copy Trading, Trading Bot, and even Bybit Earn structured products. Enough to make your head spin!
- As of August 2, only closure orders will be accepted ;
- All unclosed positions will be liquidated starting August 13.
Bybit: An abrupt exit
Bybit, for its part, doesn’t mess around. The platform has clearly indicated that its French clients must “liquidate and close all their open positions” and begin withdrawing their assets as soon as possible.
If this is not done by August 13, remaining positions will be automatically liquidated.
“Bybit’s primary goal has always been to comply with all relevant rules and regulations,” said the company in a statement.
This drastic decision is reminiscent of Bybit’s retreat from the Canadian market in early 2023, where similar reasons were cited. It seems that the shadow of regulators heavily weighs on the platform’s international ambitions.
In the meantime, French users will have to turn to other horizons for their crypto adventures. It remains to be seen if other crypto exchanges will follow the same path under regulator pressure.
