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Bybit to stop providing products and services to residents of France

Web3/Crypto

Ben Zhou, co-founder and CEO, Bybit | Ben Zhou, X account

By Crypto Republique

Aug 5, 2024

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.

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"We apologize for any inconvenience this may cause and appreciate your support and cooperation as we step up our efforts to meet regulatory requirements," the company stated in the letter. "We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured."

According to CoinDesk, Bybit has been blacklisted by France’s financial regulatory Autorité des Marchés Financiers (AMF) since May 2022. France is among 27 nations in the European Union that have been enforcing the EU's new Markets in Crypto Asset (MiCA).

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