- Bybit will stop withdrawal and custody services for French users.
- Coinhouse will handle assets transferred from Bybit after January 2025.
- French users must withdraw funds or complete KYC with Coinhouse.
Bybit will discontinue withdrawal and custody services for French users starting January 8, 2025. The platform will transfer remaining assets to Coinhouse, a regulated French crypto platform, after the deadline. Users must ensure all withdrawals are completed before this date to avoid additional fees and account closure..
Bybit will stop withdrawal and custody services for French users in January 2025.
Bybit has confirmed that it will halt its withdrawal and custody services for all French citizens and residents starting January 8, 2025. This decision follows recent regulatory changes in France which have affected the platform’s operations in the country.
The platform will not offer withdrawal services after January 8, 2025. The Bybut users who hold assets less than 10 USDC will have their accounts closed. Bybit has advised all its users to withdraw all their balances before this date to avoid additional charges from their trading account.
Coinhouse will manage assets transferred from Bybit for French users.
Bybit will transfer any assets that exceed 10 USDC to Coinhouse, a regulated French cryptocurrency asset platform. The transfer of these assets will start from January 8, 2025 and it will end on January 16, 2025.
Bybit stated that there would be no conversion charges for assets into USDC or transfer fees to Coinhouse.
After the transfer is complete, users can access their assets through their Coinhouse accounts. However, users must ensure their Coinhouse identity matches the one on Bybit in order to make a transfer and get access to the funds.
Bybit Urges French Users To Withdraw Funds Before Deadline
Bybit has urged all French users to withdraw their funds from the platform before the deadline to avoid any complications. Any user with assets below 10 USDC will be charged a 10 USDC fee, which will lead to closure of the account.
Bybit has emphasized that users must complete the KYC process with Coinhouse to avoid custody fees and gain instant access to their money.Users who have completed the KYC with Coinhouse will not be charged any custody fee and their assets will be available for use.
However, users who fail to complete the KYC verification process with Coinhouse will be charged monthly custody fees. These fees will be 0.16% of the total asset value or a minimum of 1 USDC, whichever is higher.