Bybit, one of the largest crypto exchanges, has announced its decision to terminate digital asset withdrawal and custody services in France. The services will officially end on January 8, 2025, as the exchange cites ongoing regulatory challenges in the country as the primary reason.
Users Urged to Withdraw Funds Early
Bybit has requested all French users to withdraw their funds before January 8, 2025. Accounts holding balances of 10 USDC or less will be closed, with a 10 USDC fee applied. For users with higher balances, funds will be transferred to the regulated Coinhouse platform, ensuring a streamlined withdrawal process. Bybit has emphasized the importance of adhering to the withdrawal deadline to avoid disruptions.
This announcement follows Bybit’s earlier decision in August 2024 to suspend crypto trading services in France. With this latest step, the company is officially ending all user services in the region, reflecting the increasing challenges posed by regulatory environments.
Bybit Faces Growing Regulatory Pressure in Europe
Bybit maintains a strong presence in Europe, operating as a leading crypto exchange in Germany and the Netherlands. Globally, it holds the second-largest trading volume after Binance, with operations spanning 120 countries. However, mounting regulatory pressure has begun to impact its activities.
In addition to France, Japan has accused Bybit of regulatory non-compliance. Japan’s Financial Services Agency (FSA) highlighted violations of existing crypto regulations. In response, Bybit stated that it is actively taking steps to adapt to regulatory changes. Nonetheless, these challenges highlight the growing complexity of crypto market regulations worldwide.
Market Impact and Alternative Platforms
Experts believe Bybit’s exit from France will push users toward other regulated platforms like Coinhouse, which comply with local laws. As crypto exchanges grapple with regulatory hurdles, their strategies for adaptation will play a significant role in shaping the market’s future.
For ongoing updates on Bybit and other major crypto developments, stay tuned to Dey There.
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