Bybit to End Services in France: Key Deadlines and Next Steps for Users
Bybit is shutting down withdrawal and custodial services in France by January 8th 2025 due to regulatory challenges.
This follows the restrictions on buying and selling digital assets in August 2024.
Bybit has a big presence in Germany, the Netherlands and over 120 countries but this exit shows the pressure is mounting on unregulated crypto operations.
For French residents, there’s not much time left to act, here are the instructions from the exchange.
Deadline Details: Withdraw or Face Account Closure
Bybit is asking French users to withdraw before January 8th 2025 to avoid service disruptions. Here’s what you need to know:
- Accounts with 10 USDC or less:
- A 10 USDC termination fee will be deducted.
- After the fee, these accounts will be permanently closed.
- Accounts with over 10 USDC:
- Funds will be automatically converted to USDC at the prevailing rate.
- Balances will be transferred to Coinhouse, a regulated French crypto-asset platform.
Withdrawals will be unavailable from January 8th to January 16th. Bybit is advising users to plan ahead to avoid disruption.
Global Regulatory Pressure and Bybit’s Challenges
Bybit is exiting France as regulatory pressure mounts globally. In Europe, regulators are cracking down on crypto platforms, requiring strict compliance.
Elsewhere, Bybit has faced similar challenges:
- Japan’s Financial Services Agency (FSA): Recently accused Bybit and other exchanges of operating in violation of Japanese crypto laws.
- Polymarket in France: Another platform under regulatory resistance following its prediction market activities during the U.S. elections.
Despite these challenges Bybit is still the second largest crypto exchange by trading volume after Binance.
Next Steps for Bybit Users in France
To ensure a smooth transition, French users are advised to:
- Withdraw funds before January 8, 2025, to avoid any termination fees or delays.
- Monitor communications from Coinhouse regarding the transfer process and any applicable custody fees.
Bybit’s French regulatory issues is a reminder to all crypto exchanges to comply. Compliance is no longer optional, act fast.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals