- Bybit will cease offering products and services and will liquidate all remaining open positions by August 13.
- The Autorité des Marchés Financiers (AMF) highlighted the lack of a required digital asset service provider license for Bybit.
- French users are advised to withdraw their funds
Bybit, one of the leading cryptocurrency exchanges globally, has announced on Thursday its decision to withdraw from the French Market. This move comes in response to recent regulatory developments in the country aimed at tightening oversight of the cryptocurrency sector.
“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations,” the company stated in its release. “In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents.”
Starting from August 2, French users of Bybit have been advised to withdraw their funds, as they will no longer be able to purchase any products or add to their positions. Bybit has assured its customers that it will provide full support during this transition period to ensure a smooth and secure withdrawal process.
AMF Cites Bybit Lack Digital Asset Service Provider License
Last May, the French financial regulator, Autorité des Marchés Financiers (AMF), issued a warning, flagging Bybit for operating in the country without proper authorization, even though the exchange had been blacklisted two years earlier.
To operate legally in France, a digital asset service provider must hold a specific license, which Bybit lacks. The AMF emphasized the importance of this license for regulatory compliance, stating, “BYBIT is not authorized to provide its digital asset services in France.”
Additionally, on August 13, the exchange will liquidate all remaining open positions across its entire product range. This includes, but is not limited to, all derivative products, spot products, active trading bots, copy trading, Bybit Card, Bybit Earn products, and Bybit structured products that are still unclosed.
This withdrawal marks a significant development in the ongoing evolution of the cryptocurrency market, as exchanges increasingly face the need to align with regulatory frameworks that vary widely from country to country. Bybit’s exit from France may also prompt other cryptocurrency platforms to reassess their strategies and operations in regions with stringent regulatory environments.
Despite these challenges, Bybit remains optimistic about returning to France. The announcement stated, “We look forward to serving you again in the near future once we have secured the appropriate licenses to do so.”
