The decision comes as a response to recent developments involving France’s financial regulator, the Autorité des Marchés Financiers (AMF).
Bybit has been at odds with the AMF since 2022 when the regulator blacklisted the exchange.
Bybit Limits French Accounts and Withdrawal Deadlines
This blacklist status significantly impacted Bybit’s ability to operate within the French market. In light of the regulatory climate and ongoing challenges, Bybit has decided to suspend its services in France.
According to its blog post, starting from August 2, 2024, Bybit will restrict all French user accounts to a “close-only” configuration. This means that French users will no longer be able to open new positions or deposit additional funds into their Bybit accounts. The restriction is intended to limit trading activity and manage the transition as Bybit phases out its operations in the country.
Source: X
On August 13, 2024, Bybit will take further action by automatically liquidating all open positions held by French users. Additionally, Bybit will suspend card services for its French clients. Users will be able to withdraw any remaining funds from their accounts, ensuring they can access their assets before the exchange ceases its operations in France.
Bybit’s decision to halt operations reflects the ongoing regulatory pressures that many cryptocurrency exchanges face as they navigate diverse regulatory environments. The AMF’s stringent requirements have led Bybit to reconsider its operations in France, as maintaining compliance without proper licenses has proven challenging.
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