Cryptocurrency exchange Bybit will no longer provide products and services in France.
Starting from 8:00 UTC on August 2, French users will not be able to purchase any type of agricultural products, open new positions, or add new positions. According to the company’s announcement, all Bybit products, including Bybit Earn and all spot products, are included in this restriction.
French users will be required to liquidate any remaining open positions after 8:00 UTC on August 13. After that, only withdrawals of assets and funds will be permitted.
Bybit’s withdrawal from France comes as preparations are underway for the European Union’s Markets in Cryptocurrency Accounts (MiCA) regulatory framework due in August 2023, making it harder for crypto companies to obtain proper licenses. MiCA will fully come into effect in December this year.
“In light of recent regulatory developments by French regulators, Bybit will cease providing its products and services to French nationals and residents,” the exchange said in a statement on Thursday. “We look forward to providing our services again in the near future once we have secured the appropriate licenses.”
According to The Block’s data dashboard, Bybit earned $134.65 billion (12%) of the total $1.12 trillion trading volume across cryptocurrency exchanges in July.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.