Share this article
BTC
$108,658.32
+
0.95%ETH
$2,711.61
+
7.00%USDT
$1.0001
-
0.04%XRP
$2.2725
+
0.28%BNB
$659.43
+
0.41%SOL
$157.06
+
1.28%USDC
$0.9997
-
0.01%DOGE
$0.1900
+
2.96%TRX
$0.2927
+
3.09%ADA
$0.6924
+
2.71%HYPE
$39.85
+
5.92%SUI
$3.4347
+
2.61%LINK
$14.89
+
6.83%AVAX
$21.72
+
3.26%XLM
$0.2752
+
3.35%BCH
$428.17
+
2.36%LEO
$8.8766
-
3.29%TON
$3.3209
+
2.39%SHIB
$0.0₄1293
+
3.15%HBAR
$0.1785
+
4.37%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Crypto Exchange Bybit Withdraws From France in Response to Regulations
"It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations," the company said in its post.
- Crypto exchange Bybit said it will be withdrawing its services from France in response to regulations in the country.
- In May, Frances financial regulator Autorité des Marchés Financiers (AMF) issued a warning to remind citizens that the exchange had been blacklisted.
Crypto exchange Bybit said it will be withdrawing its services from France in response to regulatory developments in a post on Thursday.
"It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations," the company said in its release. "In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents."
STORY CONTINUES BELOW
From Aug. 2, French users will no longer be able to purchase any products from Bybit or add to their positions. All deposits to French users accounts will also be restricted.
"Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds and assets from your account," the press release said.
In May, Frances financial regulator Autorité des Marchés Financiers (AMF) issued a warning to remind citizens that the exchange had been blacklisted. The company has been blacklisted since May 2022. "BYBIT is not authorised to provide its digital asset services in France," the post said.
Companies need to have a digital asset service provider license to be able to operate in France and Bybit does not have one, the post by the French regulator noted.
France is one of the 27 nations in the European Union who has been enforcing the EU's new Markets in Crypto Asset (MiCA) regime that requires firms to have an office as well as be registered with an EU nation to be able to get approved for MiCA. One Crypto Asset Service Provider license under MiCA enables a company to be able to service clients across Europe.
Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
Top Stories
