Cryptocurrency exchange Bybit has announced it will no longer provide services to users in France. Effective from August 2 at 08:00 (UTC), French users will be unable to open new positions, as all products will be restricted. This move aligns with trends seen in other exchanges like Binance, which have paused services in various regions to comply with regulatory requirements.
Which Services are Affected?
The restriction affects all products offered by Bybit, including One-Click Buy, Bybit Card, P2P, Spot products, Derivative products, Copy Trade, Trade Bot, Bybit Earn, and Bybit Structured Products. Bybit stated that customer accounts will be set to “Close Only” mode, preventing any new positions or purchases from being made. Deposits to accounts will also be restricted.
What Happens to Existing Positions?
From August 13, 2024, all open positions in any product category will be liquidated if they remain open on that date. Investors in France are urged to close their positions and transfer their assets from the exchange before this deadline to avoid automatic liquidation and potential losses.
Key Implications for Users
For Bybit users in France, the announcement carries several important implications:
- Immediate action is required to close open positions by August 13, 2024.
- All trading activities will be halted, including Spot and Derivative trading.
- Deposits to Bybit accounts will no longer be accepted.
- Users should transfer their assets from Bybit to other exchanges or wallets.
These steps are crucial for safeguarding investments and ensuring the smooth transition of assets.
Bybit’s decision to halt services in France underscores the growing regulatory challenges faced by cryptocurrency exchanges worldwide. Users must adapt quickly to these changes to protect their investments.