Bybit to Halt Services in France Due to New Regulations
03.08.2024 8:00 1min. read Alexander Stefanov
Bybit, a major cryptocurrency exchange, halted all services and products in France, starting today.
This decision is a response to new regulatory requirements in the country.
French users will be unable to make new purchases, open or add to positions on Bybit from the specified date. This includes all services like Bybit Earn and spot trading.
Open positions must be closed by 11:00 AM on August 13, after which any remaining will be liquidated, though withdrawals will still be possible.
This move comes as France tightens its licensing rules for crypto businesses, in preparation for the European Union’s upcoming Crypto Asset Markets (MiCA) regulations, expected to be fully implemented by December.
Bybit expressed hope to return to the French market once appropriate licenses are obtained. In July, the platform accounted for 12% of the $134.65 billion total trading volume across crypto exchanges.
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