Bybit, a top cryptocurrency exchange, announces its exit from France citing regulatory pressures from the French financial regulator, AMF, affecting its ability to operate within the country.
Points
- Bybit will terminate services for French nationals and residents from August 2.
- The exchange will restrict French accounts to a “Close-Only” mode.
- The French regulator, AMF, warned Bybit for operating without authorization.
- Bybit plans to return to France after securing the appropriate licenses.
Bybit, one of the leading cryptocurrency exchanges in terms of trading volume, has announced its decision to exit the French market due to increasing regulatory pressure from the French financial regulator, Autorité des Marchés Financiers （AMF）. This decision will take effect on August 2, impacting French nationals and residents who use the platform.
In an official statement, Bybit detailed that French users’ accounts will be restricted to a “Close-Only” mode from August 2, meaning they will not be able to open new trading positions. The exchange has urged its French clients to wind down their open positions and withdraw their funds before the cutoff date. Any remaining open positions across all products, including derivatives, spot products, trading bots, and structured products, will be liquidated by August 13.
Bybit’s exit follows a warning issued by the AMF in May, which accused the exchange of operating in France without proper authorization. Despite being blacklisted two years ago, Bybit continued to offer its services in the country. French law requires digital asset service providers （DASPs） to register with the AMF before offering services related to digital assets.
The decision to exit France underscores the regulatory challenges faced by cryptocurrency exchanges in navigating varying national laws and compliance requirements. However, Bybit has expressed its intention to return to the French market in the future, contingent on securing the appropriate licenses.
“We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured,” Bybit stated in its announcement, highlighting its commitment to regulatory compliance and future re-entry into the French market.
解説
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Bybit’s exit from France highlights the regulatory challenges and pressures faced by cryptocurrency exchanges in maintaining compliance with national laws.
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The AMF’s warning and subsequent action against Bybit underscore the importance of proper authorization and registration for digital asset service providers operating within France.
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Restricting French accounts to a “Close-Only” mode and liquidating open positions aim to ensure an orderly wind-down of services, minimizing disruption for users.
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Bybit’s intention to return to the French market after securing the necessary licenses reflects its commitment to regulatory compliance and long-term growth.
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Understanding the regulatory environment and compliance requirements in different jurisdictions is crucial for cryptocurrency exchanges to operate effectively and maintain market presence.
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For French cryptocurrency users, this development highlights the importance of choosing platforms that comply with local regulations to avoid disruptions in service.