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bybit

Bybit Shuts Down Operations In France Following Regulatory Heat

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bybit, a well-known cryptocurrency exchange, said it would stop serving French users on August 2. This was a surprise move that shows how strict regulators are becoming.

Related Reading: Worldcoin Under Fire Again: Unpacking The Latest Controversy

The decision comes after the Autorité des Marchés Financiers (AMF), France’s financial watchdog, put more and more pressure on the company. Bybit’s operations will be greatly limited, which is a very important time for the exchange and its French customers.

Restrictions Pile Up

French users will have to deal with a lot of strict restrictions. Bybit has declared all accounts to be “close-only,” which means that users can’t open new positions or buy things. Bybit wrote an in-depth blog post about how it was ending a number of services, such as One-click buy, P2P deals, spot dealing, and derivative trading. Making deposits will also be illegal, making only transfers legal.

The regulatory noose will get even tighter on August 13, when Bybit will automatically close any open accounts in spot trading, trading bots, or derivative goods. In addition, all card services connected to the exchange will be shutdown. French users should send help tickets if they have any problems or questions about these big changes.

Total crypto market cap currently at $2.1 trillion. Chart: TradingView

Historical Background and Problems with Regulations

Notably, Bybit is not the only company that has to deal with legal problems. Another crypto giant, Binance, saw its founder, Changpeng Zhao (also known as CZ), give up control of Binance France in December 2023 because the AMF was pressuring him to do so. These cases show that the French cryptocurrency market is subject to strict rules.

Source: LinkedIn

Though it is facing challenges with authorities, Bybit is still a major participant in the global crypto market. Based on August 1 trade count, Bybit ranks second among platforms behind Binance.

Time To Pack Up

Bybit is bidding adios as EU Markets in Crypto Assets (MiCA) laws take effect. MiCA wants all European VDA suppliers to follow the same guidelines. This method encourages new ideas and makes crypto more accessible and safe for investors. These regulations are difficult for trading platforms like Bybit.

Related Reading: EDCON 2024: Ethereum Founder Buterin Proudly Announces He’s A ‘Dogecoin Hodler’

The crypto exchange has struggled with French laws before. Lack of any Digital Asset Service Provider permits was among the roadblocks that prevented the exchange from being allowed to operate in the country, not to mention a ban the government imposed against it in 2022.

Featured image from Medium, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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