Cryptocurrency exchange Bybit announced that it will stop offering its products and services in France. The decision was taken in response to recent regulatory developments in the country, effective from 11:00 on 2 August.
Bybit Will Stop Its Services and Offerings in France Due to Legislative Changes
From the specified date, French users will no longer be able to purchase any products on the platform, open new positions or add to existing ones.
This restriction applies to all Bybit offers, including Bybit Earn and spot products. Users with open positions will have until 11:00 on August 13 to close them, after which the remaining positions will be liquidated. After this date, only asset and fund withdrawals will be allowed.
Bybit's exit from the French market follows France tightening licensing requirements for crypto firms; This is a preparatory measure ahead of the European Union's CryptoAsset Markets (MiCA) regulatory framework being fully implemented in December.
“In light of recent regulatory developments from the French regulatory authority, Bybit will cease offering our products and services to French citizens and residents,” the company said in a statement.
“We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured,” he said.
In July, Bybit accounted for 12% of the $134.65 billion in total trading volume on crypto exchanges.
*This is not investment advice.