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Bybit to end withdrawal and custody services for French users by January 2025

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Bybit to end withdrawal and custody services for French users by January 2025
Web3/Crypto
Webp bybit
Ben Zhou, CEO of Bybit | bybit.com

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.

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Bybit announced on X in September 2023 that it would suspend its services in the United Kingdom due to regulatory changes. This decision was influenced by the UK's evolving regulatory landscape, compelling Bybit to cease operations to remain compliant with local laws.

According to Datanyze, Bybit was founded in March 2018 and is a cryptocurrency exchange headquartered in Singapore. The platform offers spot and derivatives trading, mining and staking products, an NFT marketplace, and API support for retail and institutional clients. Bybit employs 980 staff members and reports an annual revenue of $505.3 million. It partners with organizations such as Oracle Red Bull Racing, NAVI, Astralis, Borussia Dortmund, and Avispa Fukuoka.

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