Bybit, one of the largest cryptocurrency trading platforms in terms of trading volume, announced yesterday (Thursday) that it will stop providing its products and services to citizens and residents of France.
The company explained that this decision came as a result of recent regulatory developments issued by the country's regulatory body.
According to the official announcement, Bybit will restrict the accounts of its French clients to lock-only mode starting August 2, which will prevent them from opening new trading positions.
The company recommended French users to close all their open positions and withdraw their funds as soon as possible.
The statement stated:
We kindly request you to terminate and close all your open positions in all products and begin withdrawing your assets and funds from your accounts.
In addition, on August 13, Bybit will liquidate all remaining open positions across all products, including derivative products, spot products, trading robots, copy trading, Bybit Card, Bybit Earn products, and other structured products.
However, the platform will still allow users to withdraw their assets and funds after the liquidation deadline.
Warning from the French regulatory authority:
Bybit's decision came after the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) issued a warning against the company last May, noting that Bybit was operating in France without obtaining the required license, even after it was blacklisted two years ago.
Under French law, digital asset service providers (DASPs) must register with the AMF before providing digital asset-related services, such as operating cryptocurrency trading platforms.
Several major brands such as Coinbase, Circle, Crypto.com and Gemini have already obtained local licenses to secure their presence in the French market.
Despite its withdrawal, Bybit intends to return to the French market in the future, but has not yet presented clear plans to achieve this.
The company confirmed in its statement:
We look forward to serving you again in the near future once we obtain the appropriate licenses that allow us to do so.
