Cryptocurrency exchange Bybit has announced its decision to cease all digital asset withdrawal and custody services in France, effective January 8, 2025. Citing regulatory challenges, the platform has urged its French users to withdraw their funds before the deadline.
What Deadline Should Users Remember?
All French users must ensure they withdraw their assets from Bybit accounts by January 8, 2025. Accounts with a balance of 10 USDC or less will incur a closure fee of 10 USDC if not emptied by the deadline. For those with larger balances, Bybit will transfer funds to Coinhouse, a regulated platform in France, allowing for easier withdrawals.
This decision follows Bybit’s suspension of digital asset trading in France last August, marking a complete withdrawal of services due to the regulatory landscape. Bybit’s need to restructure comes amid increasing scrutiny from governing authorities.
How is Bybit Addressing Regulatory Pressures?
Despite being a leading exchange in Europe, Bybit faces significant regulatory hurdles. In addition to France, Japan’s Financial Services Agency has also pointed out compliance issues. While Bybit asserts commitment to meet regulatory demands, its challenges highlight the complexities increasingly affecting the cryptocurrency market globally.
- Bybit users in France must withdraw funds by January 8, 2025.
- Accounts with low balances will incur closure fees.
- Funds will be transferred to Coinhouse for users with higher balances.
- Regulatory pressures are forcing Bybit to adapt its operations.
The exit of Bybit from the French market could lead users to consider alternative regulated platforms, such as Coinhouse. As regulatory challenges intensify, the strategies adopted by exchanges like Bybit will be pivotal in shaping the future landscape of the cryptocurrency industry.