Key takeaways:
- In a press release on August 1, the well-known crypto exchange Bybit said it had stopped operations in France, and limited account features for French consumers.
- Starting on August 13, French consumers will no longer be able to use their card services, and all open positions will be immediately liquidated.
In a press release on August 1, the well-known crypto exchange Bybit said it had stopped operations in France, and limited account features for French consumers.
Bybit attributed the reason for the operation’s termination in France to “recent regulatory developments” by the nation’s financial regulator, the Autorité des Marchés Financiers (AMF).
The centralized exchange alerted the French users that starting on August 2; their accounts will be “restricted to close-only” settings, meaning that no new positions may be formed or funds cannot be placed across all of Bybit’s services and products.
Starting on August 13, French users will no longer be able to use their card services, and all open positions will be immediately liquidated. However, they will still be able to withdraw any remaining funds from their Bybit accounts.
After stating that it looks forward to returning to the French market in the future after obtaining the necessary regulatory permits under French legislation, Bybit wrapped up its presentation by telling its French clients.
On May 16, the AMF sent a warning to French citizens, reminding them that the well-known crypto exchange has been blocked in their nation since 2022. The exchange was accused by the AMF of not registering as a Digital Asset Services Provider (DASP) and of warning investors in France that the website might be taken down at any time.
Bybit overtook Coinbase in June to take the second position in the world’s trading volume rankings. As a result of continued regulatory issues facing the largest crypto exchange internationally, Bybit has even begun to erode Binance’s market share.
In December 2023, while founder Changpeng Zhao was facing legal challenges in the US, France’s AMF took aim at Binance.
The financial authority issued an ultimatum to the exchange, compelling CZ to give control of Binance France to investors who had an equal part in the business in an attempt to comply with US sanctions. The company’s two new owners were also among the original members of the Binance exchange, as per Binance France.
