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Home»ADOPTION NEWS»Bybit terminates services and discontinues products in France.
ADOPTION NEWS

Bybit terminates services and discontinues products in France.

By Crypto FlexsAugust 1, 20242 Mins Read
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Bybit terminates services and discontinues products in France.
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Company • August 1, 2024 4:49 PM EDT

Posted 1 minute earlier In ~

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.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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.

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