Bybit Stops Services for Users in France Amid Regulatory Scrutiny

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As a seasoned researcher who has witnessed the evolution of the digital currency landscape, I must say that Bybit’s decision to suspend services in France by 2025 is a reflection of the increasing regulatory complexity that exchanges face worldwide. The move highlights the need for cryptocurrency platforms to adapt and comply with local regulations to ensure their operations are not only legal but also beneficial to users.

Starting from January 8, 2025, Bybit is planning to suspend its withdrawal and custodial services for users based in France due to intensifying regulatory oversight in the country.

Starting January 8, 2025, Bybit, a significant player in the cryptocurrency exchange market, has chosen to discontinue offering withdrawal and custody services to users residing in France. This decision stems from increased oversight by French financial authorities. Bybit has emphasized its commitment to abide by all relevant laws and regulations worldwide. Regrettably, due to recent alterations in French regulation, the exchange cannot continue to provide these services to French individuals or residents.

The exchange has called on all the affected users to withdraw their funds before the end of September. The remaining users with balances below 10 USDC of tokens in their wallets will be charged a 10 USDC termination fee, debited from their balance. Once the fee is charged, their accounts shall be shut down permanently. For users with over 10 USDC, Bybit will wire their money to Coinhouse, a regulated crypto-asset trading platform in France. This transfer will take place after converting the assets to USDC.

Bybit to Suspend Services in France, Starts Asset Transfer to Coinhouse in 2025

As a researcher, I’d like to share some important information regarding the asset transfer process starting from 8th January 2025 and ending on 16th January 2025. During this timeframe, no withdrawals will be permitted. If your Coinhouse account matches your Bybit account identity, your funds will be credited as of and after 16th January, 2025. However, if you don’t have a Coinhouse account yet, I encourage you to create one and complete the KYC process promptly. Upon verification, you’ll be able to access your funds without any hindrance.

As an analyst, I’d like to clarify the transfer process for moving funds from Bybit to USDC and then to Coinhouse. You won’t encounter any conversion fees during this process. Additionally, there are no extra charges when transferring to Coinhouse. However, it’s important to note that Coinhouse levies a monthly custody fee for unverified accounts. This charge amounts to 0.16% of the total value of your assets or 1 USDC (whichever is greater). This fee only applies to those accounts yet to undergo KYC verification. Once you’ve completed the KYC process, this custody fee will not be levied again.

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As a researcher clarifying the matter, let me explain that Bybit has highlighted that a custody fee will be charged for the first time upon withdrawal of assets to Coinhouse. Once the transaction is processed successfully, verified users on Coinhouse will receive their assets immediately. The realization of these assets also occurs simultaneously with the transfer being made.

In conclusion, Bybit requests customers who have been impacted to move or withdraw their funds prior to January 8, 2025. This action aims to prevent any potential issues caused by the upcoming changes. It is strongly recommended to complete this process ahead of the deadline.

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2024-12-20 06:53