- Bybit halts operations in France due to increased regulatory pressure from the Autorité des Marchés Financiers.
- French Bybit users restricted to “close-only” accounts, cannot open new positions or initiate purchases.
Bybit, has announced the cessation of its operations in France due to increasing regulatory pressures from the Autorité des Marchés Financiers (AMF), the nation’s financial regulator. This move marks a significant shift for Bybit and its French clientele, signaling a critical juncture for the exchange.
The restrictions imposed are notably stringent. Bybit has set all existing accounts to “close-only” status, prohibiting users from opening new positions or making purchases. This directive extends to the discontinuation of several services including One-click buy, peer-to-peer (P2P) transactions, spot dealing, and derivative trading. Additionally, the platform will no longer accept deposits, although transfers will still be permitted.
More comprehensive measures will take effect on August 13, when Bybit plans to automatically close any remaining open accounts related to spot trading, trading bots, or derivatives. Furthermore, all associated card services will be terminated. Affected users are encouraged to submit help tickets for assistance regarding these impending changes.
This regulatory tightening is not unique to Bybit; the broader French cryptocurrency market faces similar challenges. In a parallel development, Binance, another crypto heavyweight, experienced comparable issues.
In December 2023, Changpeng Zhao, founder of Binance, stepped down from his role at Binance France following pressure from the AMF. These instances illustrate the increasingly regulated environment governing cryptocurrencies in France.
Bybit’s decision to halt operations reflects a broader trend of regulatory scrutiny within the crypto industry, as authorities aim to establish more controlled and secure trading environments. This regulatory stance, while protective, poses significant operational hurdles for crypto exchanges operating within French jurisdictions.
The post French Crypto Traders in Shock as Bybit Closes Operations Overnight! appeared first on ETHNews.
