Crypto Exchange Bybit Withdraws From France in Response to Regulations

Cryptocurrency exchange Bybit announced on Thursday that it will withdraw its services in France in response to regulatory developments.

“Bybit’s primary goal has always been to conduct our business in compliance with all relevant rules and regulations,” the company said in a statement. “In light of the French regulator’s recent regulatory developments, Bybit will cease offering our products and services to French citizens and residents.”

Starting August 2, French users will no longer be able to purchase products or add to their positions on Bybit. All deposits to French user accounts will also be restricted.

“Please close your open positions in all products and begin withdrawing your assets, funds and holdings in your account,” the press release said.

In May, France’s financial regulator, the Autorité des Marchés Financiers (AMF), issued a notice to remind citizens that the exchange had been blacklisted. The company has been blacklisted since May 2022. “BYBIT is not authorized to offer digital asset services in France,” the post said.

Companies must have a digital asset service provider license to operate in France, but Bybit does not have such a license.

France is one of 27 countries in the European Union implementing the EU’s new Crypto Asset Markets (MiCA) regime, which requires companies to have an office and be registered in an EU country in order to gain approval for MiCA. A Crypto Asset Service Provider license under MiCA allows a company to serve customers across Europe.

Read more: EU’s Restrictive Stablecoin Rules Are Coming Into Force Soon, and Publishers Are Running Out of Time