Hassan Maishera
TL;DR
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Crypto exchange Bybit is exiting the French market.
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This comes as France made it harder for crypto firms to obtain proper licenses.
Bybit to Exit the French Market
Bybit, the second-largest cryptocurrency exchange by daily trading volume, will no longer offer its products or services in France.
The exchange announced that starting today, August 2nd at 8:00 UTC, French users can no longer purchase any type of produce, open new positions, or add new ones. Furthermore, all Bybit products, such as Bybit Earn and all spot products, are included in the restriction.
Bybit users in France will have their remaining unclosed open positions liquidated after Aug. 13 at 8:00 UTC. After the liquidation, only asset and fund withdrawals will be allowed on the platform.
The cryptocurrency exchange’s exit from the French market comes after the country made it harder for crypto firms to obtain operation licenses in August 2023 in a preparatory move for the European Union’s Markets in Crypto-Assets (MiCA) regulation framework.
Bybit stated that,
"In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents. We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured."
The crypto exchange has been expanding its offerings to its users. In July, Bybit allowed its users to add the Bybit Card to Apple Pay, making it easier and more convenient to make payments with the card.
Bybit is currently the second-largest cryptocurrency exchange by daily trading volume, processing more than $5 billion daily.
