Cryptocurrency exchange Bybit announced the suspension of registration for new users from France.
The decision was made by the exchange to ensure that it fulfills its obligations in full compliance with the requirements of the French regulator.
"Effective from October 20, 2023, 8 a.m. UTC, Bybit will no longer accept Identity Verification requests from any customers who provide proof of French identity or proof of address in France," the exchange said in an announcement.
The exchange reaffirmed its commitment to complying with the regulatory requirements and rules of the cryptocurrency market and said it would intensify its efforts to comply with these regulations.
Recall that earlier cryptocurrency exchange Bybit announced the launch of derivatives in South Africa as well as the introduction of a new fiat currency service, which it will offer as the legal representative of Money Doc (Proprietary) Limited.
The Bybit exchange was launched in 2018. It is an independent derivatives trading platform with inverse and perpetual futures contracts with leverage of up to 1:200, which provides market participants with mutual insurance against possible sharp price movements.
Read also: Gary Gensler received a stern warning from the U.S. Congress.
