- In a recent development, Bybit has revealed that it will cease operations for French users.
- This decision is in line with regulatory compliance efforts observed in major exchanges, including Binance.
- “From August 2, French users will not be allowed to initiate new trades,” Bybit confirmed in its announcement.
Bybit Withdraws Services from France: A Regulatory Compliance Move
Comprehensive Halt on Bybit’s Services in France
As part of its stringent adherence to regulatory frameworks, Bybit will restrict all its offerings for French customers. Starting from August 2 at 08:00 UTC, users in France will not be able to open new positions. This holistic shutdown will impact a broad range of services including One-Click Buy, Bybit Card, P2P, Spot products, Derivative products, Copy Trade, Trade Bot, Bybit Earn, and Bybit Structured Products. Accounts will be transitioned to a “Close Only” mode, effectively barring any additional trades or deposits.
Timeline for Existing Positions and Asset Transfer
French users have a deadline until August 13, 2024, to close their existing positions. After this date, any remaining open trades will be automatically liquidated. This measure necessitates immediate action from investors to transfer their assets out of Bybit to avoid potential losses. The exchange has issued robust reminders to its users to comply with this timeline to safeguard their investments.
Implications of Bybit’s Service Termination in France
This announcement by Bybit holds several significant implications for its French user base. Immediate steps are required to address the forthcoming service cessation:
- All open positions must be closed by August 13, 2024.
- Trading activity in every segment, including Spot and Derivatives, will be discontinued.
- No further deposits will be accepted into Bybit accounts.
- Assets should be transferred to alternative exchanges or secure wallets promptly.
Ensuring a smooth transfer of assets is critical for users to mitigate risks and protect their investments during this transition.
Conclusion
Bybit’s exit from the French market is a testament to the increasing regulatory pressures faced by cryptocurrency exchanges globally. For French investors, this move emphasizes the importance of staying abreast of regulatory changes and promptly adapting to safeguard their investments. The swift action to close positions and transfer assets is imperative to avoid any adverse financial impacts as Bybit implements these changes.
