Bybit Withdraws from French Market, Services Discontinued Starting August 2

Bittime - In an official announcement, crypto exchange Bybit announced that it would withdraw from the French market. Starting at 16:00 Beijing time on August 2, 2024, users in France will no longer be able to make product purchases, open new positions, or add to existing positions. All Bybit products, including Bybit Earn and spot products, will be limited.

Response to Regulatory Changes in France

This decision follows recent developments in regulations in France. Bybit stated that it took this step in response to regulatory changes implemented by the French authorities. The company hopes to return to the French market after obtaining a license in accordance with applicable regulations.

Bybit Trading Volume and Positions

Based on data from The Block, Bybit's trading volume in July reached $134.65 billion, which accounted for 12% of the total trading volume of crypto exchanges globally. This figure shows Bybit's strong position in the crypto trading industry before this decision was announced.

Position Liquidation Plan

After 16:00 on August 13, 2024, remaining open positions will be liquidated, and users will only be allowed to withdraw their assets and funds. This step is designed to give users enough time to adjust their position before the service is completely terminated.

Regulatory Challenges in the Crypto Industry

The decision to leave the French market also reflects the challenges faced by crypto exchanges in the face of increasingly stringent regulations in various countries. These strict regulations often force exchanges to adjust their operations or even suspend services in certain regions until they can comply with all legal requirements.

Bybit Hopes to Return in the Future

Although Bybit discontinued its services in France, the company remains optimistic about returning to that market in the future. They emphasize their commitment to complying with existing regulations and finding ways to operate legally in the regions they serve. This is part of their efforts to ensure that all their activities comply with applicable laws and regulations.

Crypto Market Dynamics

This move also shows the changing dynamics of the crypto market, where government regulations and international policies play an important role in determining how crypto exchanges operate in different countries. For now, French users are advised to complete their transactions and withdraw their funds before the set deadlines to avoid disruption to their access to their assets.

Closing

Bybit itself is one of the leading crypto exchanges known for its various trading services and investment products, including a leveraged trading feature that allows users to trade crypto assets with higher risk. The decision to exit the French market is a strategic step taken by the company to ensure their compliance with local regulations while continuing to evaluate opportunities to return in the future.

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