Bybit, the third-largest offshore crypto exchange globally, has revealed plans to halt its services in France. This decision is prompted by the strict regulations outlined in the European Union’s Markets in Crypto-Assets (MiCA) framework, set to take effect this December. The phased withdrawal of Bybit will commence on August 2, 2024, at 8:00 UTC, impacting French users through a series of planned stages.
Starting from August 2 onwards, French users will encounter notable limitations on their accounts. They will no longer be able to initiate new purchases, open positions, or make any additions within the realm of all the exchange offerings, spanning spot trading, Bybit Earn, and an array of derivatives.
Existing accounts will transition to a “Close-Only” mode, halting any new transactions or deposits. This limitation will encompass all fiat deposits and services provided by the exchange, including the Bybit Card and P2P trading.
Bybit’s Liquidation Plan for French Accounts
A timeline has been published by the exchange to handle the current positions of French users. All open positions will be closed from 8:00 UTC on August 13, 2024. From that time on, they can only withdraw their funds and assets. It is important to note that this liquidation will cover all the products such as spot and derivative ones including trading bots and Bybit Earn.
The move by the exchange comes after France strengthened its cryptocurrency regulations further in August 2023. Changes like these are part of the larger MiCA regulatory framework, which is supposed to facilitate a more controlled and transparent environment for EU-based cryptocurrency business operations. These new rules aim to ensure that any crypto company meets stringent requirements before launching its operation in any European Union member state.
Bybit, in an official statement, stated that it is committed to following regulatory standards. The company admitted that this determination may cause inconvenience to people and promised again the return of its business to France after securing the necessary licenses under new regulatory regime. The exchange has urged users affected by this move to close their remaining positions and withdraw their funds before the final deadline.
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