Bybit will end services and stop offering products in France
Quick Take
- Bybit’s French exit comes after the country made it harder for crypto firms to obtain proper licenses in August 2023.
The crypto exchange Bybit will no longer offer its products or services in France.
Starting Aug. 2 at 8:00 UTC, French users will not be able to purchase any type of produce, open new positions or add new ones. All Bybit products, such as Bybit Earn and all spot products, are included in the restriction, according to a company release.
French users will have any remaining unclosed open positions liquidated after Aug. 13 at 8:00 UTC. Afterward, only asset and fund withdrawals will be allowed.
Bybit's French exit comes after the country made it harder for crypto firms to obtain proper licenses in August 2023 in a preparatory move for the European Union’s Markets in Crypto-Assets (MiCA) regulation framework. MiCA goes into full effect this December.
"In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents," the exchange wrote in a Thursday release. "We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured."
Bybit brought in $134.65 billion (12%) of July's total 1.12 trillion trading volume from crypto exchanges, according to The Block's Data Dashboard.
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