The Bybit exchange platform had announced its upcoming closure for French customers, due to failure to receive approval from the Financial Markets Authority (AMF). Customers who still have funds on the platform must withdraw them before January 8, otherwise they will be charged fees.
Bybit permanently closes its doors in France
This summer, Bybit hoped to obtain the AMF license and reopen its doors to the French market. But this is not the case and the exchange platform is now urgently communicating with French users: they must withdraw any remaining funds before the start of the year.
“Bybit will no longer provide withdrawal and storage services to nationals or residents of French territories. We ask that you ensure that all assets are removed before this date. »
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After January 8, users with less than 10 USDC in their account will be charged a 10 USDC penalty and their accounts will be closed. For those who have more funds, they will be transferred to the Coinhouse platform and withdrawals must be managed by this French platform.
Coinhouse: the most famous French crypto platform
Bybit's regulatory woes
Last August, Bybit stated that it wanted to serve the French market “once the appropriate licenses […] will have been obtained“. But things are complicated by the situation of the exchange platform, which has been blacklisted by the AMF since 2022. At this stage, it has not obtained the status of digital asset service provider (PSAN).
The AMF's decision may have come as a surprise, particularly because Bybit became the second largest global exchange in terms of volume last summersurpassing Coinbase. However, we saw a toughening of tone from the AMF that same year, with the French financial watchdog further hunting down platforms not registered as PSANs.
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In its press release, Bybit nevertheless emphasizes its desire to operate its business “in accordance with the rules and regulations in force ». But it seems his efforts will not have been enough and the French market closed.
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Source: Bybit, press release
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how industry news influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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