Gemini

Read

The Bybit crypto exchange is shutting down its services for users in France, citing regulatory developments as the reason behind the move. 
<a href="https://crypto.news/tag/bybit/" target="_blank" rel="noreferrer noopener">Bybit</a>, one of the world’s largest cryptocurrency exchanges by trading volume, has announced it will cease its services for users in <a href="https://crypto.news/tag/france/" target="_blank" rel="noreferrer noopener">France</a>, citing regulatory developments as the reason behind the decision. 
In an Aug. 2 <a href="https://announcements.bybit.com/en/article/notice-on-close-only-and-position-closures-blta0c0e0f458eec266/" target="_blank" rel="">press release</a>, the crypto exchange said it will restrict accounts for French customers to a “Close-Only” mode, prohibiting them from “opening or adding of any new positions nor the purchasing of any type of products.” Until Aug. 13, 08:00 UTC, users can close their open positions across all of the exchange’s products. After the deadline, they will only be able to withdraw assets and funds from their accounts, the press release reads. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured.” 
 Bybit 
</blockquote> 
The exchange clarified that the restrictions apply to all its offerings, including the peer-to-peer market and its crypto debit card services. 
 You might also like: <a href="https://crypto.news/a-billion-dollar-fortune-at-risk-binance-france-removes-changpeng-zhao-as-sole-shareholder/"> A billion-dollar fortune at risk: Binance France removes Changpeng Zhao as sole shareholder </a> 
<h2 class="wp-block-heading" id="bybit-leaves-france-amid-aml-concerns">Bybit leaves France amid AML concerns</h2> 
Bybit did not explain the reason behind the move, but noted that the update comes in response to “recent regulatory developments from the French regulator.” 
The move comes as the European Union’s crypto legislation called the Markets in Crypto-Assets — also known as <a href="https://crypto.news/tag/mica/" target="_blank" rel="noreferrer noopener">MiCA</a> — is set to take effect on Dec. 30, replacing individual crypto regulations within EU member states. While other crypto firms such as <a href="https://crypto.news/coinbase-circle-awarded-crypto-licenses-in-france-ahead-of-mica/" target="_blank" rel="noreferrer noopener">Coinbase</a>, <a href="https://crypto.news/coinbase-circle-awarded-crypto-licenses-in-france-ahead-of-mica/" target="_blank" rel="noreferrer noopener">Circle</a>, and <a href="https://crypto.news/gemini-received-amf-approval-to-launch-services-in-france/" target="_blank" rel="noreferrer noopener">Gemini</a> have secured approvals from French regulators ahead of MiCA, Bybit has seemingly faced challenges due to its AML policies amid its <a href="https://crypto.news/report-coinbase-loses-second-place-in-global-top-ranking/" target="_blank" rel="noreferrer noopener">rapid</a> market expansion. 
In mid-May, the French Financial Market Authority blocked access to Bybit, citing unauthorized operations in the country. According to the AMF, Bybit was not authorized to provide services in the region, requiring it to register before working in the country. A few weeks later, Citadel Securities-backed brokerage firm Hidden Roads <a href="https://crypto.news/citadel-securities-backed-broker-hidden-roads-halts-access-to-bybit/">stopped offering</a> its clients access to Bybit due to a disagreement over the exchange’s AML procedures. 
 Read more: <a href="https://crypto.news/france-introduces-new-certificate-for-crypto-influencers/"> France introduces new certificate for crypto influencers </a>

Bybit winds down services in France as regulatory pressure mounts

Table of Contents

crypto.news

Other articles published on Aug 2, 2024

XRP Sees Strongest Bullish Sentiment in More Than a Year

Hong Kong broker offers new customers deposit bonuses in Bitcoin

Polkadot September Incoming🚨Trans️‍actions Explode!️‍🔥

XRP finally joins Raboo in the green as holders jump from Avalanche

Ripple (XRP) Could Exhibit a Mega Price Pump: Analyst

POPCAT Flips Dogecoin and PEPE: $NOTI Presale Draws Investor Interest

Join our free newsletter for daily crypto updates!