Bybit, a well-known cryptocurrency exchange, announced it will stop serving French users on August 2, 2024. This unexpected decision underscores the growing strictness of regulatory authorities.
The move comes in response to increasing pressure from the Autorité des Marchés Financiers (AMF), France’s financial watchdog. As a result, Bybit’s operations in France will face significant limitations, posing a critical moment for both the exchange and its French customers.
French users will encounter several stringent restrictions. Bybit has designated all accounts as “close-only”, preventing users from opening new positions or making purchases. In a detailed blog post, Bybit explained that services such as One-click buy, P2P deals, spot trading, and derivative trading will be terminated. Deposits will also be banned, with only withdrawals allowed.
The restrictions will tighten further on August 13, when Bybit will automatically close any open accounts in spot trading, trading bots, or derivative products. Additionally, all card services linked to the exchange will be discontinued. French users are advised to submit help tickets if they have any questions or concerns about these significant changes.
Historically, Bybit is not the only cryptocurrency company facing regulatory challenges in France. In December 2023, Binance’s founder Changpeng Zhao (CZ) relinquished control of Binance France due to AMF pressure. These instances highlight the stringent regulatory landscape for the French cryptocurrency market.
Despite these regulatory hurdles, Bybit remains a major player in the global cryptocurrency market. As of August 1, 2024, Bybit ranks second in trading volume among cryptocurrency platforms, following Binance.
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