This follows recent actions by the French regulator, and they regret any inconvenience this may cause.
According to its blog post, Bybit urges all French users to ensure their assets are withdrawn by this date.
What Will Happen to Your Assets After Jan 8, 2025?
- For Users with Assets Worth 10 USDC or Less:
On January 8, 2025, at 8 AM UTC, users holding 10 USDC or less will incur a 10 USDC fee. It will be deducted from their available assets. After the fee is charged, accounts will be permanently closed. - For Users with Assets Above 10 USDC:
If your assets are valued at over 10 USDC, they will be transferred to our trusted custody partner, Coinhouse. It is a regulated French platform. Your assets will be converted to USDC at the current exchange rate before being transferred. From this point onward, custody fees will apply.
Starting Jan 8, 2025, @Bybit_Official will no longer provide withdrawal and custody services to nationals or residents of the French Territories (“French Users”).https://t.co/xE1SBGzZ9q pic.twitter.com/ISmn31Jfw9
— ICO Drops (@ICODrops) December 17, 2024
How to Withdraw Your Assets After Jan 8th, 2025
Between 8 AM UTC on Jan 8th, 2025, and 8 AM UTC on Jan 16th, 2025, withdrawals will be unavailable. Bybit is transferring assets to Coinhouse. Here’s what happens after Jan 16th, 2025:
- If You Have a Coinhouse Account:
If your Coinhouse account matches the identity on your Bybit account, your assets will be credited shortly after the transfer is complete. You’ll be able to access your funds and withdraw them at any time. - If You Don’t Have a Coinhouse Account:
You’ll need to create an account with Coinhouse and complete their KYC verification. Once you verify your identity, Coinhouse will credit your assets to your account. Remember, the KYC process must match the information you provided on Bybit.
However, there are some problems that users are already having with their funds:
Ok so @Bybit_Official is closing all French accounts in 3 weeks, but we can’t sell our tokens to get our funds back.
Well thanks @EU_Commission, you’re going to make thousands of citizens lost funds with your fucking stupid laws.
You’re NOT protecting us.
You’re CONTROLLING… pic.twitter.com/v11xNHR4oA— CryptoMedic ⚕️ (@_cryptomedic_) December 17, 2024
Clarification on Fees and Conversion Rates
- Conversion Fees:
Bybit will convert all assets to USDC at no additional charge on January 8, 2025, at 8 AM UTC. - Transfer Fees:
There are no fees for transferring assets to Coinhouse. - Custody Fees:
A monthly custody fee of 0.16% or 1 USDC (whichever is higher) will apply if your Coinhouse account remains unverified. Once you verify, they will no longer charge this fee.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.