Blockchain Consultant on Bybit France closure: 'we can’t sell our tokens to get our funds back'

In response, Bybit issued a press release explaining its decision to end services for French users due to regulatory changes. The company emphasized its commitment to compliance with relevant rules and regulations. "It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations," the statement read. Due to recent developments by the French regulator, Bybit announced it would no longer provide withdrawal and custody services to nationals or residents of the French Territories. The company advised users to withdraw assets before January 8, 2025, warning that after this date, assets would be transferred to Coinhouse, a regulated French crypto-asset platform, which may result in custody fees or termination charges.

The Autorité des Marchés Financiers (AMF), France's securities regulator, had previously issued a warning in May 2024 stating that Bybit was not registered as a digital asset provider in France and was operating illegally. This led to increased regulatory scrutiny on the exchange within the country.

According to Blockpit's analysis of Europe's safest licensed crypto exchanges, Binance ranks first due to its regulation across multiple European countries and employment of AES-256 encryption alongside funding for the Secure Asset Fund for Users (SAFU) program for user protection. Coinbase ranks second with 98% of assets held offline and is licensed by BaFin in Germany while using advanced security measures. Kraken ranks third by storing 95% of assets in cold wallets and complying with regulations across the EU and other regions.

Stéphane Rodriguez is based in Pessac, Nouvelle-Aquitaine, France, where he operates under the brand Cryptomedic. He provides Web3 consulting services focusing on blockchain applications, non-fungible tokens (NFTs), and the metaverse. With over four years of freelance experience, Rodriguez assists businesses across various sectors—such as finance, healthcare, and logistics—in understanding and integrating blockchain technology. He also hosts the Explorateur Crypto podcast discussing blockchain trends and developments.