Bybit halts services for French users over regulatory concerns
Bybit urged users to act promptly
Bybit, a leading cryptocurrency exchange, has announced its decision to discontinue services in France, with withdrawals ceasing by January 8, 2025.
The company has advised all affected users to withdraw their assets before the deadline to avoid complications or restricted access to funds.
Bybit’s decision follows ongoing regulatory challenges in France’s cryptocurrency market. The exchange emphasized its commitment to ensuring a smooth transition for users and preventing any disruption to asset transfers. To further safeguard user holdings, Bybit has partnered with Coinhouse, a licensed cryptocurrency custodian in France.
Unclaimed assets transferred to Coinhouse
In cases where users fail to withdraw their assets by the specified deadline, Bybit will automatically transfer unclaimed balances exceeding $10 USD Coin (USDC) to Coinhouse. This process ensures that assets remain secure under a regulated entity within France.
To regain access to transferred funds, users will be required to complete a verification process with Coinhouse, aligning with local regulatory requirements. This additional step ensures compliance with French financial laws while protecting user accounts.
Bybit urged users to act promptly, highlighting the risk of delays or potential loss of access if withdrawals are not completed before the January 8 cutoff.
Implications and market reaction
The exit of Bybit from France underscores the tightening regulatory environment in Europe for cryptocurrency platforms. Exchanges face increasing scrutiny and pressure to align with evolving compliance frameworks, particularly within major markets like France.
For affected users, Bybit’s decision signals the importance of staying informed about regulatory changes and acting swiftly to secure their assets. Moving forward, the company is expected to focus on markets where compliance pathways are clearer, as European regulators continue to refine their approach to digital asset oversight.
Also read: Bybit launches Puzzle Hunt featuring SEND token rewards.
