Bybit, one of the world’s largest cryptocurrency exchanges by trading volume, is shutting down its services for users in France due to regulatory developments. The exchange announced the decision in an Aug. 2 press release, stating that French accounts will be restricted to a “Close-Only” mode until Aug. 13.
After this deadline, users can only withdraw assets and funds from their accounts. The restrictions apply to all offerings, including the peer-to-peer market and crypto debit card services. This move comes as the European Union’s Markets in Crypto-Assets (MiCA) legislation is set to take effect on Dec. 30. While firms like Coinbase and Circle have secured approvals in France, Bybit has struggled due to its AML policies amid rapid market expansion.
In May, the French Financial Market Authority blocked Bybit for unauthorized operations. This highlights the strategic importance of adhering to regulatory frameworks for long-term success in the crypto market.
