Bybit to Cease Operations in France on August 2 Amid MiCA Regulations

Aug 2, 2024, 03:38 AM

Bybit, the third largest offshore cryptocurrency exchange, has announced that it will cease its services and product offerings in France. This decision comes in response to the European Union's new cryptocurrency regulations, specifically the Markets in Crypto-Assets (MiCA) framework. Bybit's operations in France will halt starting August 2, 2024, and from August 13, 2024, at 16:00, French users will only be able to withdraw funds, with no new transactions allowed. The French financial regulator, Autorité des Marchés Financiers (AMF), has had Bybit on its blacklist since 2022, which has contributed to this regulatory-driven exit. Bybit's products, including Bybit Earn and all spot trading, will no longer be available to French users. French accounts will be in 'close-only' mode.