Cryptocurrency exchange platform Bybit has just announced that its services will soon no longer be available to French investors. What are the reasons that motivated Bybit to make this decision?
Bybit says goodbye to France
After announcing at the end of last year that it would no longer accept new registrations from French citizens, Cryptocurrency exchange platform Bybit announced today that as of tomorrow, its services will no longer be offered in France..
In its press release, Bybit did not specify the precise reasons behind this choice, other than the ” recent regulatory developments from the French regulator “.
However, to put things into context, Let us recall that Bybit has been on the blacklist of the Financial Markets Authority (AMF) since October 2022..
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And for good reason, the platform continued to offer its services to French users even though it is not registered as a Digital Asset Service Provider (DASP) with the AMF.
In this regard, the regulator had also issued a reminder to French investors last May, specifying that it was necessary that ” each investor organizes himself in the face of a possible sudden cessation of service provision of the platform vis-à-vis the public residing in France”.
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A gradual abandonment of services offered to French investors
According to Bybit's press release announcing the news, its services will be discontinued in two phases.
The first phase will begin on August 2, 2024 : French Bybit user accounts will switch to “Close-Only” mode, meaning they will no longer be able to open new trading positions, and will no longer be able to take advantage of the platform’s various services, including:
- One-click purchasing;
- The Bybit card;
- P2P trading;
- Spot and derivative products;
- Copy trading;
- Trading Bot;
- Bybit Earn ;
- Etc.
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The second phase will start on August 13th.. At this date, French users will only be able to withdraw their cryptocurrencies and money from Bybit.
But most importantly, all positions not closed at that time will be liquidated. Therefore, if you are affected, it is imperative that you close all your open orders before this date.
According to its press release, Bybit does not seem to want to abandon France definitively.. Indeed, the crypto exchange specifies that it hopes to be able to serve French investors again ” once the appropriate licenses […] will have been obtained “.
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Source: Official press release
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