Bybit withdraws from French market in response to regulatory developments

full version at dlnews

Global crypto exchange Bybit said in a post on its website that in response to developments by the French regulator, it will stop offering products and services to French nationals and residents.

“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations,” the company said.

The French regulator, Autorité des Marchés Financiers, issued a warning to investors in May reminding that Bybit was not authorised to operate in France, had not registered as a digital asset service provider, and has been blacklisted there since 2022.

Also, the EU’s crypto sector is being revamped as countries across the 27-nation bloc are preparing for the new Markets in Crypto-Assets regulations, or MiCA, which go into effect at the end of this year, DL News has reported.

Bybit apologised to French users for the inconvenience and said it looked forward to serving them again after the appropriate licences had been secured.

The exchange said that effective August 2, French accounts were restricted to a “close-only” mode, which meant there could be no opening or adding of any new positions nor purchasing of products.

The company asked French users to wind down and close all open positions across all products and begin to withdraw assets from their accounts.

From August 16, all remaining open positions will be liquidated and all card services suspended; French users will only be able to withdraw assets and funds from their accounts.

Bybit provided users a link to a form to answer any questions.