MEXCBreaking: Bybit Ends Crypto Withdrawals and Custody Services in France
Highlights
- Bybit announced it will cease withdrawal and custodial services in France by January 8, 2025.
- Accounts with 10 USDC or less will incur a 10 USDC termination fee and be closed.
- Users with assets exceeding 10 USDC will have their funds converted to USDC and transferred another platform Coinhouse.
- Bybit faces growing regulatory scrutiny globally, including accusations by Japan's FSA.
In a major announcement on Tuesday, crypto exchange Bybit announced to stop its digital asset withdrawal and custodial services in France, citing regulatory roadblocks. The crypto exchange announced that these services won’t be available anytime after January 8, 2025, however, noting that it remains committed to adhering to the recent regulatory developments.
Bybit Users In France Need to Withdraw Before January 8
Crypto exchange Bybit has asked all of its users in France to withdraw their funds as it plans to close down service in the country. Thus, the exchange has set a January 8 deadline which is less than a month from now. The recent decision comes after the crypto exchange halted buying and selling digital asset services earlier in August 2024.
Bybit has urged French nationals and residents to withdraw their assets before the deadline. After January 8, accounts holding 10 USDC or less will incur a 10 USDC fee and be closed. For users with assets exceeding 10 USDC, Bybit will transfer the remaining funds to Coinhouse, a regulated French crypto-asset platform, which will facilitate subsequent withdrawals.
Bybit has a strong presence in Europe and is among the top crypto exchanges in Germany and the Netherlands. It is also the second-largest crypto trading platform worldwide by trading volumes, after Binance, with a presence in nearly 120 countries.
Apart from France, the exchange has been facing regulatory challenges across other regions as well. Two weeks ago, Japan’s top financial regulator – Financial Services Agency (FSA) – accused Bybit and other crypto exchanges of violating the country’s crypto regulations.
Next Steps for Users
Crypto exchange Bybit has shared what are the next steps that its users in France should take. As said, for users holding 10 USDC or less, the exchange will deduct a 10 USDC termination fee and will close the account thereafter.
For users with assets above 10 USDC, funds will be converted into USDC at the prevailing rate and transferred to Coinhouse, a regulated French crypto-asset platform. Custody fees will apply after initiating the transfers.
Note that during the transfer process between January 8 and January 16, withdrawals will be unavailable. Apart from Bybit, other players have also been facing hurdles to continue operations in France. After strong betting in US elections, prediction platform Polymarket also faces resistance from French regulators.
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