Quantcast
CRYPTO NEWS AROUND THE GLOBE
Will bitcoin Continue to Rise or Fall?
Halving Bitcoin this week – Should you sell or buy?
Bitcoin seen surging to $450,000 — if this halving trend plays out
Cryptocurrencies: The Rebound Of Solana (Sol) Outperforms Bitcoin And Ethereum
Will Bitcoin reach a new ATH in less than 10 days?
Binance adds Ethereum Omni Network project to Launchpool
Last weekend before the halving: What does the price of Bitcoin have in store for us?
Crypto liquidations creep toward $500 million as major token prices plunge
US government tops global Bitcoin holdings with $15b in assets
Cryptocurrencies: This London Mayoral Candidate Proposes Launching A London Coin
With its volatility at its lowest, Bitcoin ready for its next big move? BTC analysis for April 12, 2024
How Bitcoin’s record run could ignite a $2.5bn ‘powder keg’ of short interest
‘Tokenized Hedge Fund’ Rakes in Crypto Billions With 37% Yield
Marathon CEO Says Bitcoin's Upcoming Halving Event is Already Partially Priced In
Cryptocurrencies On Solana: Return To The Niche For Memecoins?
Spot bitcoin ETF cumulative trading volume crosses $200 billion
EU's MiCA Rules Have Had Little Influence on the European Crypto Market, Regulator Says
Monad raises $225M with its Ethereum compatible blockchain
Cardano Slips to 10th Position, Underperforming in a Surging Crypto Market – Market Updates Bitcoin News
Funding for blockchain startups on the rise with the crypto rally
Crypto investors now have better protection
Crypto investment products see record year-to-date inflows of $13.8 billion
Ripple chief sees crypto market doubling in value in 2024
AMF Threatens Bitget: Potential Block in France for Crypto Platform!
EU Watchdog Says Reordering Blockchain Transactions Might Be Market Abuse. Industry Says It's Not
The UK has a plan to help its financial industry seize $14tn tokenisation opportunity
7 Central Banks, including the Banque de France, are starting to explore tokenization to secure monetary exchanges
A European FinTech Hub Prepares to Get Tough on Crypto Companies
Crypto: Market Poised For Positive Second Quarter, Coinbase Says
Bank of England, FCA target autumn 2024 as earliest starting date for first UK Digital Securities Sandbox cohort
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

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

2

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

3

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

4

OpenAI chooses Paris as its new home base

5

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