This article details Bybit’s sudden cessation of operations in France due to regulatory pressure from the Autorité des Marchés Financiers （AMF） and its impact on French users.
Points
- Bybit halts operations in France due to increased regulatory pressure.
- French Bybit users are restricted to “close-only” accounts.
- The move signifies a critical juncture for Bybit and its French clientele.
Bybit Halts Operations in France
Bybit has announced the cessation of its operations in France due to increasing regulatory pressures from the Autorité des Marchés Financiers （AMF）, the nation’s financial regulator. This move marks a significant shift for Bybit and its French clientele, signaling a critical juncture for the exchange.
As a result, French Bybit users are restricted to “close-only” accounts, meaning they cannot open new positions or initiate purchases. This limitation has caused significant disruption and concern among users who relied on Bybit for their trading activities.
Regulatory Environment in France
The decision to halt operations follows a trend of increasing regulatory scrutiny in France. In December 2023, Changpeng Zhao, founder of Binance, stepped down from his role at Binance France following pressure from the AMF. These instances illustrate the increasingly regulated environment governing cryptocurrencies in France.
Impact on French Crypto Traders
The sudden closure of Bybit’s operations has left many French traders in shock. Users now face the challenge of transitioning their trading activities to other platforms while complying with French regulations. The restriction to “close-only” accounts limits their ability to manage their portfolios effectively, adding to the complexity of the situation.
Conclusion
Bybit’s abrupt cessation of operations in France highlights the growing regulatory challenges faced by cryptocurrency exchanges. For French crypto traders, this move signifies a need to adapt to an increasingly regulated environment and seek alternative platforms to continue their trading activities.
Invest in MoonBag Presale
Twitter: https://twitter.com/Moonbag_org