ByBit has announced it will halt operations in France due to recent regulatory developments. The exchange will restrict account features for French users and liquidate any remaining positions, with plans to return to the market once proper licenses are obtained.
Points
- ByBit halts operations in France due to regulatory changes.
- French users’ accounts will be restricted to close-only configurations.
- All positions will be liquidated if not closed by August 13.
- ByBit plans to return to the French market with proper licenses.
- Regulatory challenges have impacted other exchanges, including Binance.
ByBit, a popular cryptocurrency exchange, announced it is halting operations in France and restricting account features for French users. The decision follows recent regulatory developments by France’s financial regulator, Autorité des Marchés Financiers （AMF）.
Starting August 2 at 8:00 UTC, French users will not be able to purchase any products, open new positions, or add to existing ones. The restrictions will affect all ByBit products, including ByBit Earn and spot trading. Any remaining open positions that are not closed by August 13 at 8:00 UTC will be automatically liquidated. Following this, French users will only be able to withdraw their funds from ByBit accounts.
ByBit attributed its exit from the French market to stricter licensing requirements introduced by the AMF in August 2023. These regulations are part of the broader European Union’s Markets in Crypto-Assets （MiCA） framework, which will come into full effect in December.
In its announcement, ByBit expressed its intention to return to the French market once it secures the necessary regulatory licenses. The exchange highlighted its commitment to compliance and expressed hope for future operations in France.
The AMF had issued a warning to French residents in May, reminding them that ByBit had been blacklisted since 2022 for failing to register as a Digital Asset Services Provider （DASP）. This regulatory crackdown is part of a wider trend affecting other major exchanges, including Binance, which faced similar challenges in France and other jurisdictions.
ByBit’s French exit comes amid increasing regulatory scrutiny and compliance challenges for cryptocurrency exchanges globally. The company remains optimistic about resuming operations in France with full regulatory compliance in the future.
解説
- ByBit’s decision to halt operations in France underscores the impact of stringent regulatory frameworks on cryptocurrency exchanges.
- The AMF’s regulatory measures reflect broader efforts to ensure compliance and protect investors in the crypto market.
- ByBit’s commitment to returning with proper licenses highlights the importance of regulatory compliance for long-term operations.
- Similar challenges faced by other exchanges, such as Binance, indicate a global trend towards stricter crypto regulations.
- Understanding and navigating regulatory landscapes is crucial for the sustainability and growth of cryptocurrency exchanges.