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Crypto exchange Bybit has decided to stop offering its products and services to French nationals and residents, citing "recent regulatory developments" from French regulators.
According to an August 1 letter to its clients, Bybit informed its French users that, effective August 2, their accounts will be restricted to "Close-Only" mode. In this mode, users cannot open or add any new positions or purchase any products. This restriction applies to all of Bybit’s products, such as One-Click Buy, Bybit Card, P2P (peer-to-peer), all Spot products, all Derivative products, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products. The company said all deposits to their accounts will also be restricted.
Effective August 13, any remaining open positions across all products will be liquidated. It will also suspend all card services beginning on that date. French clients will only be able to withdraw assets and funds from their accounts.
