Bybit Ceases Operations in France Amid Regulatory Scrutiny

Bybit will halt operations in France due to regulatory issues with the AMF. Starting August 2, 2024, French user accounts will be restricted to “close-only,” with further measures to liquidate positions by August 13.

On August 1, 2024, Bybit announced it would halt its operations in France due to ongoing regulatory issues. This decision follows recent developments involving France’s financial regulator, the Autorité des Marchés Financiers (AMF). Bybit has been in conflict with the AMF since 2022 when the regulator blacklisted the exchange.

According to Bybit’s blog post, starting from August 2, 2024, all French user accounts will be restricted to a “close-only” configuration. This means that French users will no longer be able to open new positions or deposit additional funds into their Bybit accounts. The restriction is intended to limit trading activity and manage the transition as Bybit phases out its operations in the country.

On August 13, 2024, Bybit will take further action by automatically liquidating all open positions held by French users. Additionally, Bybit will suspend card services for its French clients. Users will still be able to withdraw any remaining funds from their accounts, ensuring they can access their assets before the exchange ceases its operations in France.

Bybit’s decision to halt operations in France reflects the ongoing regulatory pressures that many cryptocurrency exchanges face as they navigate diverse regulatory environments. The AMF’s stringent requirements have led Bybit to reconsider its operations in France, as maintaining compliance without proper licenses has proven challenging.

The move by Bybit underscores the complexities and challenges cryptocurrency exchanges encounter in adhering to various regulatory frameworks worldwide. The situation highlights the importance of regulatory compliance and the impact it can have on the operations of cryptocurrency exchanges.

As Bybit exits the French market, it serves as a reminder of the evolving regulatory landscape in the cryptocurrency industry. The decision may prompt other exchanges to reassess their operations in regions with stringent regulatory requirements, potentially influencing their strategies in global markets.

Bybit’s exit from France marks a significant shift in its operations, emphasizing the need for ongoing adaptation and compliance in the rapidly changing regulatory environment of the cryptocurrency sector. The move is a critical development for French users who will need to transition their trading activities and manage their assets accordingly.

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