Bybit Withdraws from the French Market in Response to Recent Regulatory Developments, Giving French Users Until August 13th to Close Their Positions
The cryptocurrency platform Bybit has decided to withdraw from the French market as of today (August 2nd, 2024) due to new regulations imposed by local authorities.
This decision comes after the French Financial Markets Authority (AMF) reminded in May that Bybit is on the blacklist of unauthorized companies to provide services on digital assets in France.
“Bybit’s primary objective has always been to operate in compliance with all applicable rules and regulations. In light of the recent regulatory developments by the French regulator, Bybit will cease to offer its products and services to French citizens and residents (‘French users’).”
Suspension of Services and User Instructions
Your account will be limited to a ‘Close-Only’ mode, which means that from now on, you will no longer be able to open or add new positions, nor purchase any type of product.
Starting from August 2nd, French users will only be able to reduce or close their existing positions on Bybit, with the ‘Close-Only’ mode applying to all products offered by the exchange. (One-click order, Bybit Card, P2P, all Spot products, all derivative products, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products.)
In addition, deposits will also be restricted. Bybit has advised its clients to close all their positions and withdraw funds from their accounts before August 13th.
“Any remaining open positions on all products (including, but not limited to, all derivative products, all spot products, active trading robots, Copy Trading, Bybit Card, Bybit Earn, and Bybit Structured Products) that have not yet been closed at that time will be liquidated.”
Bybit’s ‘web3’ products will remain available to French users.
