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Bybit has announced the cessation of withdrawal and custody services for French nationals and residents, attributing the decision to regulatory changes in the French Territories. The announcement was made on Bybit's website on December 17.
According to Bybit, users must withdraw their assets by January 8, 2025. Accounts with balances of 10 USDC or less will incur a 10 USDC fee before being closed. Balances exceeding 10 USDC will be converted to USDC and transferred to Coinhouse, a French crypto-asset platform. Users will need to complete identity verification with Coinhouse to access their transferred funds. These changes follow previous restrictions implemented by Bybit in the region.
In May 2024, France's securities regulator, the Autorité des Marchés Financiers (AMF), issued a warning stating that Bybit was not registered as a digital asset provider in the country. The AMF indicated that Bybit was providing services illegally, leading to increased regulatory pressure on the exchange within France.
