Crypto Exchange Bybit Withdraws From France in Response to Regulations

Policy

Crypto exchange Bybit said it will be withdrawing its services from France in response to regulatory developments in a post on Thursday.

"It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations," the company said in its release. "In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents."

From Aug. 2, French users will no longer be able to purchase any products from Bybit or add to their positions. All deposits to French users accounts will also be restricted.

"Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds and assets from your account," the press release said.

In May, Frances financial regulator Autorité des Marchés Financiers (AMF) issued a warning to remind citizens that the exchange had been blacklisted. The company has been blacklisted since May 2022. "BYBIT is not authorised to provide its digital asset services in France," the post said.

Companies need to have a digital asset service provider license to be able to operate in France and Bybit does not have one, the post by the French regulator noted.

France is one of the 27 nations in the European Union who has been enforcing the EU's new Markets in Crypto Asset (MiCA) regime that requires firms to have an office as well as be registered with an EU nation to be able to get approved for MiCA. One Crypto Asset Service Provider license under MiCA enables a company to be able to service clients across Europe.

Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time



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