Quantcast
CRYPTO NEWS AROUND THE GLOBE
PayPal's stablecoin continues its rise with a market cap of more than $290 million
Binance to list crypto Manta Network (MANTA)
Crypto Start-ups in Europe: Opportunities and Challenge
Binance BNB: Between optimism and caution for 2024
The Last Man Standing in Crypto
Weekly Preview: Coinbase v. SEC, big token unlocks, and more
Binance Labs leads SkyArk Chronicles funding round
Crypto: Is the market at half mast again?
The impact of government regulation on cryptocurrencies
Bitcoin on X? Elon Musk opens the door to this possibility
Celebrating 25 years of the euro: a retrospective and future outlook
Bitcoin Documentary Wins Award at Cannes
The AMF and the ACPR warn the public against the activities of several players who offer investments in Forex and derivative products on crypto-assets in France without being authorized to do so
BitPay customers can now purchase goods and pay bills in BNB, LINK and UNI
A Hack of the S.E.C.’s Social Media Account Caused a Bitcoin Frenzy, Briefly
Cryptocurrencies and NFTs in France: CryptOx'R 2024 brings together Web3
Bitcoin swings sharply after false claim that SEC approved ETFs
New proof of reserves for Binance: the exchange finally cleared?
Ternoa gets into DeFi: smart contracts arrive on the betanet
Bitcoin: More than 6,000 merchants accept BTC in their store
Coinbase plans acquisition to expand derivatives offering in EU
Coin Center executive director: New IRS crypto reporting rule 'is not only unconstitutional but also virtually impossible to comply with'
Healthcare blockchain project Galeon wins three awards and soars at CES Las Vegas 2024
Binance US Branch Hires New Compliance Officer
Visa unveils Web3 customer loyalty solution
Digital Euro: the European Central Bank is active around its MNBC
BTC: Cboe exchange approves listing of Fidelity Investments Bitcoin Spot ETF
European Central Bank lays out €1.2bn plan for development of digital euro
Crypto Council for Innovation survey finds crypto offers alternative to underbanked communities
Prosecutors won't pursue second trial against FTX founder
All Crypto News Around The Globe

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

Web3/Crypto
Webp benzhou800x450
Ben Zhou, cofounder and CEO of Bybit | X

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
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

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.

Trending
1

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

2

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

3

UK’s digital assets bill brings much-needed clarity to digital asset regulation

4

Italy backtracks on crypto tax hike amid investor pushback

5

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