Quantcast
CRYPTO NEWS AROUND THE GLOBE
Ethereum deploys nearly $500M to ecosystem projects in 2022–23: Report
Coinbase exec urges SEC reform after Trump’s election win
First Mover Americas: BTC Hit All-Time High as Trump Closed In on Victory
Solana surpasses BNB and propels itself to fourth place in the market
A Bitcoin reserve for the United States: the bold strategy of the BPI against the BRICS
Bitcoin close to 75 000 $ and c’is the whole sector of cryptocurrencies that is igniting
Binance announces new vice president of product
First UK Pension Fund Invests in Bitcoin
Upcoming US elections poised to influence crypto legislation in 2025: Here’s what could happen next
New bank chooses Ethereum (ETH): UBS launches tokenized fund
Binance announces Binance Wealth platform tailored for wealth managers
Bitcoin Plummets And Loses 2 Billion Dollars In A Day
I went to meet the ‘real’ Satoshi Nakamoto in London. It was… revealing
42 Billion dollars: this is the amount that MicroStrategy wants to raise to buy more Bitcoin
The Digital Chamber: 'we are thrilled to celebrate the release of Tigran Gambaryan'
Instant and no-fee crypto payments: a new era for digital transactions
The growth of this blockchain is surpassing that of’Ethereum
Stripe’s Bridge buy a sign that crypto’s new competitors — and partners — are big fintechs, says Gemini’s EU head
Here Are 3 Reasons Why Bitcoin Open Interest Set Record Highs as BTC Price Surge to $71K
MicroStrategy announces plan to raise $42 billion to buy more bitcoin
Crypto France: BANGK wants to revolutionize ethical finance with blockchain
Ethereum mainnet issues drive users to Layer 2s and Solana, analyst says
Binance announces Binance Connect relaunch
MicroStrategy’s Current Premium Relative to Its Bitcoin Stack Is Unlikely to Last: Steno Research
MicroStrategy Touches New Highs as Trading Volume Relative to Nvidia Surges
Michael Saylor against self-guardian Bitcoin: Vitalik Buterin criticizes his position
BlackRock and MicroStrategy seen sending Bitcoin to $200,000: Bernstein
Binance CEO: 'deeply relieved and grateful that Tigran Gambaryan has finally been released' from Nigerian prison
Nigeria releases Binance exec from custody after money laundering charges are dropped in surprise decision
Bitcoin Miners Are Pivoting to AI to Survive. Core Scientific Entered the Race Years Ago
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

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

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

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

Crypto Comments
Loading...

No comments available.

Trending
1

MANTRA CEO: 'Institutional adoption of tokenization already has significant product-market fit'

2

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

3

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

4

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

5

OpenAI chooses Paris as its new home base