gradient

Bybit to exit France amid regulatory hurdles, hopes for future return

Crypto exchange Bybit is ending operations in France due to recent regulatory issues, according to an Aug. 1 statement.

Bybit attributed this move to new regulatory developments from the French regulator, hinting at licensing issues. The exchange expressed hope for a return to the French market once it secures the necessary licenses.

It stated:

“We apologize for any inconvenience this may cause and appreciate your support and cooperation as we step up our efforts to meet regulatory requirements. We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured.”

This announcement comes nearly three months after the French Financial Market Authority (AMF) warned French crypto investors that Bybit was not a registered platform in the country.

At the time, the regulator stated that it might pursue legal action against the firm due to this lack of registration.

Impacted services

Effective Aug. 2, the crypto platform will restrict all French accounts to “Close-Only” mode. This will prevent users from opening new positions, purchasing products, or making deposits.

The restriction applies to all Bybit services, including One-Click Buy, Bybit Card, P2P, Spot products, Derivatives, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products.

Starting Aug. 13, Bybit will liquidate all remaining open positions and suspend all card services. After this date, users can only withdraw their assets and funds.

Impending MiCA regulations

ByBit’s move coincides with an ongoing regulatory change in Europe, where the impending Markets in Crypto-Assets (MiCA) regulations will impact the industry’s operations.

MiCA is a regulatory framework created by the European Union to standardize crypto regulations across member states. Last year, the European Parliament approved the rules in phases.

Several exchanges, including Coinbase, OKX, and Gemini, have secured appropriate licensing to serve their users within the region.

The post Bybit to exit France amid regulatory hurdles, hopes for future return appeared first on CryptoSlate.