Breaking: Bybit Ends Crypto Withdrawals and Custody Services in France

by

As a seasoned researcher with a keen interest in the rapidly evolving world of cryptocurrency, I find myself once again navigating the complex landscape of regulatory compliance and exchange policies. The announcement by Bybit to halt its services in France, while not entirely surprising given the ongoing global regulatory challenges in this space, is certainly a significant development.

On Tuesday, Bybit cryptocurrency exchange disclosed plans to halt digital asset withdrawals and custodial services in France, due to regulatory hurdles. The exchange stated that these services would no longer be accessible after January 8, 2025. Despite this change, Bybit reaffirmed its dedication to complying with the latest regulations as they evolve.

Bybit Users In France Need to Withdraw Before January 8

Bybit, a cryptocurrency exchange, has instructed all its French users to withdraw their funds since they intend to discontinue operations within the country. This move will take effect by January 8th, which is only about a month away from now. The latest development follows an earlier halt in buying and selling digital assets that Bybit implemented back in August 2024.

Bybit is advising French citizens and residents to withdraw their funds by January 8th. After this date, any account with less than 10 US Dollars in assets will be charged a 10 US Dollar fee and closed. For those with more than 10 US Dollars, the excess will be moved to Coinhouse, a regulated French cryptocurrency platform, allowing for future withdrawals.

Bybit holds a significant position in Europe, being recognized as one of the leading cryptocurrency exchanges in Germany and the Netherlands. Notably, it ranks second globally in terms of trading volume, surpassed only by Binance, and operates in approximately 120 countries around the world.

As a crypto investor, I’ve noticed that the platform has encountered regulatory hurdles not just in France, but also across various regions. Just recently, the Financial Services Agency (FSA), Japan’s top financial regulator, accused Bybit and other crypto exchanges of flouting the nation’s digital currency regulations.

Read More

2024-12-17 14:57