ByBit announced that it will no longer offer services to French users due to changes in regulations. The company made the announcement online on August 1.

In an August 1 letter to clients on its website, Bybit explained the changes affecting users in France. "In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents." The letter further stated that effective August 2, the accounts of French nationals and residents were restricted to "Close-Only" mode, meaning those users are unable to buy products or add any new positions to their accounts. This includes all products offered by Bybit, from one-click buy, peer-to-peer (P2P), the Bybit Card, all Spot products and derivative products, Bybit Earn, and Bybit structured products. All deposits were also restricted.

As of August 13, accounts that have not been closed will be liquidated, and card services will be suspended. French users will only be able to withdraw assets and funds.

Get the Newsletter

Sign-up to receive weekly round up of news from Crypto Republique

This decision follows a statement made in May by the Autorité des Marchés Financiers (AMF). According to a press release from AMF, Bybit is "blacklisted" due to "non-compliance with current French regulations." The press release added that "the AMF reserves the right to take legal action to block the platform's website."

One crypto trader expressed dissatisfaction with how his funds were handled prior to the date set by Bybit. Despite meeting France's know-your-customer (KYC) requirements, his funds were liquidated earlier than expected. "I regret that, as I loved Bybit, and I planned to move my funds in the days to come," said CryptoWookiee in a post on X. He continued: "I did not bother to shut down my CopyTrading settings as it was clearly mentioned no new positions could be opened. And guess what... #Bybit system continued to open position on 4th and 5th of August crash and I was severely liquidated. My account is French KYCed and this should not have happened." He questioned why his CopyTrading sub-account was able to open positions after the discontinuation of services: "@bybithelpdesk why was my CopyTrading sub-account able to open position after your discontinuation of services?? It was not supposed to be possible. I want my money back."

Bybit was created in March 2018 and has positioned itself as a leading cryptocurrency exchange offering a comprehensive suite of cryptocurrency services and product solutions tailored for retail and institutional traders.

More News

UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

Crypto Comments

Loading...

No comments available.

CRYPTO NEWS AROUND THE GLOBE

Cours gratuits de Binance en France : éducation ou marketing illégal ? - Coins.fr

Les utilisateurs du Coinbase Wallet peuvent désormais s’envoyer de l’argent via des liens WhatsApp, TikTok et Instagram

Le géant IBM dévoile une nouvelle technologie pour les cold wallets de cryptomonnaies

SEC's Absence at Binance Settlement Announcement Raises Questions

Binance Tops PYMNTS' Provider Ranking of Crypto Wallets

Are Binance and France the newest couple in Crypto Town?

L’ETF BTC de BlackRock engrange 100 000 dollars, sans être approuvé - Coins.fr

Riot passe la plus grosse commande de mineurs BTC de son histoire - Coins.fr

Les hackers français du protocole DeFi Platypus relaxés - Coins.fr

Binance’s Top Executive Team to ‘Remain Intact,’ New CEO Says

Le FSB souhaite s'assurer que les règles pour les bourses crypto sont suffisantes - Coins.fr

Selon le célèbre Arthur Hayes, le traitement réservé à CZ et Binance par les USA est absurde

Les plans du nouveau PDG de Binance après le départ de CZ

Guerre anti-crypto : Binance.US traqué par la SEC

Binance menacée de fermer ? Ce nouvel élément déterminera tout

Columbia Business School Professor on Binance settlement: Major financial firms have been caught doing worse 'yet suffered much milder consequences’

Binance investit dans Open Campus, un protocole éducatif web3 - Coins.fr

“Il m’a royalement ignorée” : Christine Lagarde raconte la mésaventure crypto de son fils

Waltio lève 1,8 million d'euros, notamment auprès du Crédit Agricole

Bitcoin ETF Optimism Spurs Largest Asset Inflows Since Late 2021

New Binance CEO shares vision for crypto’s future

Waltio lève 1,8M€ pour simplifier la fiscalité crypto - Coins.fr

Fraudes aux crypto-actifs : KPMG et Chainalysis s’allient - Coins.fr

Agrément PSAN : le scepticisme des acteurs traditionnels

Binance settles with US regulators, CEO steps down as part of deal

Après la condamnation de Binance, les filiales sous pression

Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty

Mastercard is making efforts to better detect crypto fraud with AI tie-up

US Seeks More than $4 Billion From Binance to End Criminal Case

UK retail sales fall to two-year low as inflation-hit consumers cut spending

Unclosed assets on Bybit to be liquidated Aug. 13 as company winds down operations in France

More News

Crypto Comments

Loading...

Trending