Bybit Ends Operations In France Amid Regulatory Challenges
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Bybit, one of the leading crypto exchanges by trading volume, recently revealed that it will stop offering its services to users in France. The exchange stated that the new rules in the country is the reason behind its decision.
The official announcement revealed that from August 2, the exchange will limit French clients’ accounts to “Close-Only” mode, so they can’t start new trades. It also asked French users to finish all their trades and take out their money.
Users Can Still Withdraw Funds And Assets After The Deadline
On August 13, the exchange will also close all remaining open trades in all products (like Bybit Structured Products, Bybit Earn, Bybit Card, Copy Trading, Trading Bots, Spot products, and Derivatives) that are still open. However, the exchange will still permit users to take out their money and assets after the liquidation deadline.
Bybit’s choice came after it received a warning from the French financial authority, Autorité des Marchés Financiers (AMF), last May. The watchdog stated that the exchange was conducting business in the nation without any approval despite being added to a blacklist a couple of years ago.
Under French law, companies that offer services related to digital assets, like operating a crypto trading platform, need to register with the AMF (the French financial authority). Big crypto brands such as Crypto.com, Circle, Coinbase, and Gemini have gotten these local licenses to operate in France.
Even though Bybit has left the European country, it plans to come back. The firm didn’t share specific plans but said it looks forward to serving customers again once the firm has the right licenses.
Bybit Aim To Offer A Professional Platform With Fast And Efficient Trading
Bybit is a cryptocurrency exchange that provides a professional platform with a very fast matching engine, excellent customer service, and support in multiple languages for traders at all levels.
Founded in March 2018, Bybit now serves over 10 million users and institutions. It offers access to more than 100 assets and contracts, including Spot trading, crypto derivatives like an NFT Marketplace, earning products, launchpad projects, Futures and Options, and more.
Bybit proudly partners with the Formula One racing team Oracle Red Bull Racing, Oracle Red Bull Racing Esports, City Esports, Made in Brazil (MIBR), and Virtus.pro, Alliance, Astralis, and esports teams NAVI. Bybit also partners with soccer teams Borussia Dortmund and Avispa Fukuoka.
Earlier this week, Bybit introduced an exciting prize draw event just for Vietnamese users. In this campaign, everyone has a 100% chance to win and join an ETH Hunt to gather great rewards!
