Bybit Ends Services in France

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Crypto exchange Bybit has announced that it will no longer be providing its products or services to users in France.

As of August 2 at 8:00 UTC, French users will be unable to purchase any products or open new positions, including Bybit Earn and all spot products.

Additionally, all unclosed open positions will be liquidated after August 13 at 8:00 UTC, with only asset and fund withdrawals permitted afterwards.

This decision by Bybit comes as a result of changes in regulations in France, making it more challenging for crypto companies to obtain necessary licenses by August 2023 in preparation for the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation framework, which takes full effect this December.

In a statement released on Thursday:

Bybit stated, “In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents. We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured.”