Crypto exchange Bybit announces its withdrawal from the French market

Earlier, the local financial regulator warned that the platform’s website could be blocked at any time

02.08.2024 - 07:45

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What’s new? Bybit, one of the largest centralized exchanges (CEXs), has announced that it would cease operations in France, citing recent regulatory changes. As of August 2, local customer accounts have been placed in a special mode that does not allow new positions or deposits through Bybit’s services and products.

Press release

What else is known? As of August 13, all remaining open positions will be automatically liquidated and card services will also be discontinued. At the same time, French clients will still be able to withdraw funds from Bybit accounts.

Representatives of the exchange said that they hope to return to the market in the future, after obtaining licenses in accordance with French law.

On May 16, French financial regulator AMF issued a warning against Bybit, informing investors that the exchange has been blacklisted since 2022. Thus, Bybit failed to register as a Digital Asset Service Provider (DASP), and therefore the platform’s website could be blocked at any time.

CCData: Bybit has become the leader in new listings in 2024 with a growth of 83%

A total of 2066 new tokens have been added to the leading centralized exchanges since the beginning of the year

In June, Bybit surpassed the US-based Coinbase to become the world’s second-largest exchange by trading volume, taking away a small share from the largest exchange Binance, which is also facing regulatory problems in several countries.

For example, AMF previously forced Binance founder Changpeng Zhao to transfer ownership of Binance France to shareholders with equal stakes in the company. The two shareholders who became owners of the local unit are also founders of Binance.

The procedure unfolded after Zhao was indicted in the US on money laundering charges, for which he is now serving a 4-month prison sentence.

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