Bybit Exits French Market

The crypto exchange Bybit will cease to offer its products and services in France.

Starting August 2 at 8:00 UTC, French users will be unable to:
– Purchase any type of product
– Open new positions
– Add to existing positions

This restriction covers all Bybit offerings, including Bybit Earn and spot products, as stated in a company release.

Remaining open positions will be liquidated after August 13 at 8:00 UTC. Following this date, only withdrawals will be permitted.

Bybit’s decision aligns with recent regulatory changes in France which made it more challenging for crypto firms to secure necessary licenses ahead of the European Union’s Markets in Crypto-Assets (MiCA) regulation framework, effective this December.

The exchange commented, “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.”

In July, Bybit was responsible for $134.65 billion, or 12%, of the total $1.12 trillion trading volume from crypto exchanges, according to The Block’s Data Dashboard.