Bybit Shuts Down Crypto Services In France: Here’s What Users Have to Do
Bybit ceases all crypto services in France, and users must act quickly to manage accounts and withdraw funds.
- Bybit ends operations in France.
- New EU regulations impose tougher restrictions.
- French users need to act promptly to avoid losses.
It has been a month since the new European Union’s Markets in Crypto Assets (MiCA) regulations on stablecoins took effect. The regulations impose stringent restrictions on stablecoins, especially those denominated in currencies other than the Euro.
As a result of these changes, and before MiCA came into full effect in December 2024, crypto exchange Bybit announced it would stop offering services to its users in France. The decision will impact its French users, who now must take several steps to protect their funds.
ByBit To Shut Down In France
On Thursday, August 1, crypto exchange Bybit announced that it no longer offers its products and services to users in France starting August 2, 2024.
This decision is a direct response to the increased regulatory requirements introduced by French authorities, in compliance with EU’s MiCA regulations.
Effective from August 2 at 8:00 UTC, French users will be restricted to a “Close-Only” mode on Bybit. This means users will not be able to purchase any products, open new positions, or add to existing ones. All deposits will also be restricted.
The impacted services include One-Click Buy, Bybit Card, P2P trading, all Spot and Derivative products, Copy Trading, Trading Bots, Bybit Earn, and Bybit Structured Products.
Bybit has advised users to begin winding down and closing all open positions across all products, and to start withdrawing their assets and funds. Moreover, any open positions held by French users will be automatically liquidated after August 13, 2024.
What Bybit Users Have to Do
French users need to act promptly to ensure they do not face any issues with their Bybit accounts. Here are the immediate steps to take:
Close Open Positions: Users must ensure all open positions across all products are closed by August 13 to avoid automatic liquidation. This includes positions in derivatives, spot trading, trading bots, and other Bybit financial products.
Withdraw Assets and Funds: Start withdrawing assets and funds from Bybit accounts to avoid any delays or issues post-August 13. After August 2, users will only be able to use their accounts in “Close-Only” mode, meaning no new purchases or positions can be made.
Convert Non-EUR Fiat Assets: Any non-EUR fiat assets held by users will be automatically converted into USDT on August 8, 2024, facilitating smoother withdrawals.
The stricter licensing requirements imposed by French regulators in August 2023 have significantly impacted cryptocurrency firms like Bybit. These measures are part of the European Union’s broader strategy to regulate the crypto market through the MiCA framework.
Bybit may restart operations in France once they obtain the right licenses. Several other crypto exchanges, including Binance, faced a challenging process in obtaining crypto licenses in France.
Users must close their open positions and withdraw funds by August 13 to avoid potential losses from automatic liquidations, resulting in potential losses.
