Bybit cryptocurrency exchange officially withdrew from the French market after being blacklisted by the country's financial regulator for illegal operations.
On August 1, cryptocurrency exchange Bybit announced it would cease operations in France and limit account features for users in this country, marking the latest setback for this exchange in the European market. Europe.
The decision was made after Bybit received a warning from the Autorité des Marchés Financiers (AMF) , France's financial regulator, that the exchange had been operating illegally in the country since 2022.
According to the announcement, Bybit will restrict users' accounts in France from August 2, meaning users cannot open new positions or deposit additional funds. By August 13, all unclosed positions will be automatically liquidated and card services will also be suspended. Users will have the option to withdraw remaining funds from their Bybit account.
Legal pressure increases
Bybit 's decision comes as regulators across the globe are increasing their oversight of the cryptocurrency market. The AMF has blacklisted Bybit since 2022 because the exchange operated without a regulatory Digital Asset Service Provider (DASP) license. The agency also warned French investors that Bybit 's website could be shut down at any time.
Previously, the AMF also targeted Binance, the world's largest cryptocurrency exchange, in December 2023. The agency asked Binance founder Changpeng Zhao to give up ownership of Binance France to comply with US sanctions.
Although Bybit said it hopes to return to the French market in the future after completing legal procedures, this latest move shows growing regulatory pressure on cryptocurrency exchanges Encryption works in Unregulated markets.
Bybit withdrawal from France comes after the exchange just surpassed Coinbase to become the world's second largest exchange in terms of volume in June.
