The Bybit crypto exchange is shutting down its services for users in France, citing regulatory developments as the reason behind the move.
Bybit, one of the largest cryptocurrency exchanges by trading volume, announced it will cease services for users in France due to regulatory changes.
In an Aug. 2 press release, Bybit stated it will restrict French accounts to a “Close-Only” mode. Users cannot open new positions or purchase products. Until Aug. 13, 08:00 UTC, users may close open positions. After this period, users can only withdraw assets and funds.
“We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured.” – Bybit
The restrictions cover all offerings, including the peer-to-peer market and crypto debit card services.
Bybit leaves France amid AML concerns
Bybit did not specify the exact regulatory developments but mentioned action by the French regulator. The move coincides with the European Union’s Markets in Crypto-Assets (MiCA) legislation, effective December 30, which aims to unify crypto regulations across EU member states.
While firms like Coinbase, Circle, and Gemini have received French regulatory approval ahead of MiCA, Bybit faces issues related to AML policies amid rapid expansion.
In mid-May, the French Financial Market Authority blocked Bybit, citing unauthorized operations. Bybit was required to register before providing services. Additionally, Citadel-backed brokerage firm Hidden Roads later stopped offering clients access to Bybit due to AML procedure concerns.
The Bybit crypto exchange is shutting down its services for users in France, citing regulatory developments as the reason behind the move.
