As a seasoned crypto investor with a knack for navigating the ever-changing regulatory landscape, I find myself both intrigued and a tad frustrated by Bybit’s decision to exit the French market. Having dabbled in digital assets since their infancy, I’ve learned that compliance is the lifeblood of this industry, and it’s no surprise that Bybit is pulling out of France due to stringent regulations.
Starting next year, Bybit, a well-known cryptocurrency exchange, is ending withdrawal and custody services for French users due to France’s tough regulatory climate. Users are asked to withdraw their funds from the platform by January 8, 2025, as the company aims to expand its operations in the region. Bybit attributes this decision to discontinuing service for French residents and citizens to the challenging regulatory environment in France. Earlier, the exchange had imposed restrictions on its platform following a warning from the country’s Financial Markets Authority (AMF) in May 2024.
French Authorities Flags Bybit as Unregistered Exchange
In my role as an analyst, I would like to share a critical update regarding BYBIT. At the specified time, French financial authorities issued a warning stating that BYBIT was not authorized to offer its digital asset services within France. To clarify, this means that the company had been conducting operations without obtaining the necessary approval from the market watchdog.
It was disclosed that Bybit had been placed on a list of prohibited entities since 2022 because it failed to comply with the existing French regulations. As per the latest law, crypto exchanges are now required to register as Digital Asset Service Providers (DASP) in France to legally offer custody and trading services within the region.
In France, it’s against the law for unlicensed platforms to offer their services. It’s important to note that BYBIT has not been licensed as a Digital Asset Service Provider (DASP). This means that the French financial authority, the AMF, retains the power to legally intervene and shut down the platform’s website if it continues to operate illegally within France.
As a researcher, I find myself compelled to share that due to recent changes, Bybit is choosing to discontinue its services within the country. Users have been granted until January 8, 2025, to settle their accounts. Post this deadline, Bybit will proceed with the liquidation of all users’ assets, approximately equivalent to 10 USDC each. These funds will be treated as transaction fees by the company.
As a crypto investor with holdings exceeding 10 USDC, I’m fortunate to benefit from our partnership with Coinhouse, a reputable and regulated crypto trading platform in France. This means that users like myself can safely withdraw our cryptocurrencies directly from Coinhouse instead of Bybit.
Bybit is Still Operational in the EU Market
Although Bybit is set to exit the French market, it continues its operations in various European regions. Notably, earlier in the year, Bybit launched a regional platform based in the Netherlands back in March. This platform enables users to trade cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), adhering to local laws and regulations within that jurisdiction.
Back in October, I made the decision to expand our operations, and one of the steps I took was to pursue a license for legal operation in Austria. This move is all about tapping into the potential of Austria’s cryptocurrency market. If everything goes as planned, Bybit will be able to legally provide its services to users residing within that region.
In addition to operating within the European market, this firm also holds licenses in countries such as Cyprus, Georgia, and the United Arab Emirates, with a significant focus on Dubai. Last year, they received a comprehensive regulatory license from the financial authority in Cyprus, allowing them to offer various services like trading and custodial services within that market.
In Georgia, the company obtained approval from the central bank of the country to lawfully provide its goods and services to customers within the region.
Read More
- How Much Did Taylor Swift’s Eras Tour Contribute to the US Economy?
- The Beauty Cast Adds Rebecca Hall to Ryan Murphy’s FX Series
- Boney Kapoor cites Jr NTR in War 2 as example when Siddharth asks if a ‘new face’ from South can find success in Bollywood today
- Who Is Kelly Reilly’s Husband? Kyle Baugher’s Job & Relationship History
- Skeleton Crew Episode 4 Ending Explained: What Happens to Neel?
- Arnold Schwarzenegger’s Santa & Alan Ritchson Smile for First Man With The Bag Photo
- Bitcoin Decline Continues: Are Bulls Losing Control?
- DGB PREDICTION. DGB cryptocurrency
- The Handmaid’s Tale Season 6 Features ‘A Lot’ of Deaths
- What Happened to Richard Perry? ‘You’re So Vain’ Music Producer Passes Away
2024-12-17 18:06