Bybit company logo on a website with blurry stock market developments in the background, seen on a computer screen through a magnifying glass. Source: Dennis - stock.adobe.com

Key Takeaways:

ByBit will halt operations in France starting August 2, 2024, due to regulatory developments by the Autorité des Marchés Financiers (AMF).
French users’ accounts will be limited to “close-only” mode, with automatic liquidation of open positions by August 13, 2024.
ByBit aims to re-enter the French market after obtaining the required regulatory licenses.

ByBit, a popular cryptocurrency exchange, announced it will halt operations in France and restrict account features for French users starting August 2, 2024, due to recent regulatory developments by the French financial regulator, Autorité des Marchés Financiers (AMF).

French users’ accounts will be limited to a “close-only” configuration, preventing new positions and deposits.

🚨BREAKING: BYBIT BLACKLISTED IN FRANCE 🇫🇷

The AMF reserves the right to take legal action to block the site. Investors should prepare for a possible sudden cessation of the platform in France. pic.twitter.com/9wlqWryBAP
— Ajay Kashyap (@EverythingAjay) May 16, 2024

Any open positions not closed by August 13 will be automatically liquidated, and card services will be suspended, although users can still withdraw funds.

The AMF has had ByBit on a blacklist since 2022 for failing to register as a Digital Asset Services Provider (DASP).

Despite regulatory challenges, ByBit became the world’s second-largest exchange by trading volume in June 2024.

🇫🇷 Bybit announced it will shut down its services in France and discontinue its product offerings there, according to Unfolded on X. This follows the French Financial Market Supervisory Authority (AMF) stating in May that Bybit is an unregistered exchange in France and that legal… pic.twitter.com/MY39mkXw1v
— BitcoinWorld Media (@ItsBitcoinWorld) August 2, 2024

The AMF also targeted Binance in December 2023, requiring founder Changpeng Zhao to relinquish ownership of Binance France to comply with US sanctions.

ByBit hopes to return to the French market after securing the necessary regulatory licenses.