Bybit, a leading cryptocurrency exchange, has announced the cessation of all services in France, effective August 2, 2024. This decision follows the enforcement of stringent European Union’s Markets in Crypto Assets (MiCA) regulations, targeting stablecoins not denominated in Euros.
The new MiCA regulations, which took effect last month, impose tough restrictions on stablecoins, prompting Bybit to halt its operations in France. French users must now take immediate actions to safeguard their assets and manage their accounts.
Bybit Ceases Services
On August 1, Bybit announced the termination of its products and services for French users, effective August 2. This move is in response to increased regulatory demands by French authorities under the EU’s MiCA framework. As of 8:00 UTC on August 2, French users are restricted to a “Close-Only” mode, preventing them from purchasing new products, opening new positions, or adding to existing ones. Deposits are also restricted.
Services affected include One-Click Buy, Bybit Card, P2P trading, all Spot and Derivative products, Copy Trading, Trading Bots, Bybit Earn, and Bybit Structured Products. Bybit advises users to begin winding down and closing all open positions across these products and to withdraw their assets promptly. Any open positions will be automatically liquidated after August 13, 2024.
Bybit to Cease Services in France@Bitcoin exchange @Bybit_Official announced the termination of its operations in France. Starting from August 2 at 8:00 AM UTC, local users will lose the ability to open or add new positions.
All Bybit products are included in the restriction,… pic.twitter.com/ZXcKoK8sl1
— Mpost Media Group (@mpost_io) August 2, 2024
Immediate Steps for Users
Close Open Positions: Users must close all open positions by August 13 to avoid automatic liquidation. This applies to derivatives, spot trading, trading bots, and other Bybit financial products.
Withdraw Assets and Funds: Users should withdraw their assets and funds from Bybit accounts before August 13. Post-August 2, accounts will operate in “Close-Only” mode, disallowing new purchases or positions.
Convert Non-EUR Fiat Assets: Non-EUR fiat assets will be automatically converted into USDT on August 8, facilitating smoother withdrawals.
Bybit’s shutdown is part of a broader regulatory tightening by the EU under the MiCA framework, significantly affecting crypto firms. While Bybit may resume operations in France upon acquiring the necessary licenses, users must act swiftly to avoid potential losses from automatic liquidations.
