Crypto Exchange Bybit Withdraws From France in Response to Regulations

As a seasoned crypto investor with a knack for navigating the complex regulatory landscape of digital assets, I can’t help but feel a mix of disappointment and understanding regarding Bybit’s decision to withdraw its services from France.

In response to regulatory changes, the cryptocurrency exchange Bybit announced that they will discontinue their services in France, as stated in a post made public on Thursday.

As a crypto investor speaking about Bybit, I’d say: “Bybit has consistently prioritized adhering to all applicable laws and regulations in its operations. Given the latest regulatory updates from the French authorities, Bybit is now discontinuing its offerings to French citizens and residents.”

Starting August 2nd, French users will no longer have the ability to buy any products on Bybit nor increase their existing positions. Additionally, all deposit transactions to French user accounts will be blocked.

The statement advises you to gradually end all active trades for every product available, and then start removing your resources and money, or assets, from your account.

In May of this year, the French financial authority, Autorité des Marchés Financiers (AMF), issued a warning reminding citizens that BYBIT had been barred from operation. The company has been banned since May 2022. According to their statement, “BYBIT is not permitted to offer its digital asset services in France.”

In France, it’s necessary for companies to possess a Digital Asset Service Provider license to legally conduct operations. However, Bybit is currently not in possession of this license, as stated by the French regulatory body.

As a crypto investor, I find myself in the midst of exciting changes within the European Union, particularly in France. The country, like 26 other nations, is implementing the EU’s new Markets in Crypto Assets (MiCA) framework. This means that any firm wishing to operate in this space must establish a local office and register with an EU member state to gain MiCA approval.