- After August 13 at 8:00 UTC, all unclosed open positions will be liquidated.
- A press statement from Bybit said that the decision applies to all of their products.
Bybit, a cryptocurrency exchange, has decided to pull out of the French market. French users will be unable to buy any products, create new positions, or edit existing ones beginning August 2 at 8:00 UTC. A press statement from Bybit said that the decision applies to all of their products. These includes Bybit Earn and all spot products as well.
Moreover, after August 13 at 8:00 UTC, all open positions that French users have not closed will be liquidated. After that point, users will only be able to withdraw funds and assets.
Ongoing Regulatory Shifts
After France made it more difficult for cryptocurrency companies to get the necessary licenses in August 2023 in anticipation of the EU’s Markets in Crypto-Assets (MiCA) regulatory framework, Bybit decided to leave the country. Furthermore, full implementation of MiCA is scheduled for December.
The exchange stated:
“In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents. We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured.”
Based on data from The Block’s Data Dashboard, Bybit received $134.65 billion, or 12% of the total 1.12 trillion in trading volume from cryptocurrency exchanges in July.
In an effort to solve issues with conventional banking methods, the cryptocurrency exchange recently announced support for Digital Rupee (eRupee) payments. This change will mitigate security concerns and facilitate smooth trade among businesses. Amidst increased rivalry, crypto exchanges are still integrating support to benefit users.
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