Bybit Halts Buying And Selling In France; Whats Next

Amid lacking regulations on crypto, many countries are building their perspective around cryptocurrency and how to regulate it. One such change and clarification around cryptocurrency, France, a country with a rich heritage and culture in Western Europe, has made significant regulatory changes about cryptocurrency. As a result, Bybit, the leading crypto exchange, has announced its exit from the country. 

Bybit Will Not Support Buying And Selling In France

Bybit has been at odds with the French government since 2022 and has officially left the French market. However, the crypto exchange has assured of a comeback in the future once it fits under the new crypto regulations in the country. 

The official announcement of service suspension was released on August 1, 2024, informing the discontinuity of Bybit from France, effective from August 2 onwards. With this discontinuity, Bybit has restricted users’ accounts to a “Close-Only” mode, which means that from that time onwards, there can be no opening or adding of any new positions nor purchasing of any type of products. 

This restriction applies to all products offered by Bybit (including the One-Click Buy, Bybit Card, P2P, all Spot products, all Derivative products, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products). At the same time, all deposits are restricted, officially putting an end to Bybit’s services in the country.

5 Crypto Exchanges To Explore After Bybit

Being among the popular crypto exchanges, Bybit’s exit from the country has affected crypto traders. However, with the highly potent cryptocurrency market, many successful crypto exchanges have set their foot, offering similar services to the users. The best crypto exchange options based on popularity and market demands are Binance, Bitget, Kraken, LiteBit, and Coinhouse. 

1. Binance

Binance is one of the biggest centralized crypto exchanges globally, providing a comprehensive suite of products and services, including spot trading, futures trading, staking, and more. It is well-regarded for its liquidity, diverse range of supported cryptocurrencies, and advanced trading features. Additionally, Binance complies with multiple regulatory frameworks, ensuring a secure trading environment.

2. Bitget

Bitget has rapidly emerged as a reliable option for cryptocurrency trading. Known for its user-friendly interface and robust security features, Bitget supports over 900 cryptocurrencies and offers a wide range of trading options, including spot and futures trading. Individual users deposit EUR via bank deposit with 0% fees. The Bitget exchange is also recognized for its innovative copy-trading feature, making it an excellent choice for both novice and experienced traders.

3. Kraken

Kraken is another prominent cryptocurrency exchange that has established a strong reputation for its security measures and regulatory compliance. The platform offers a broad array of cryptocurrencies and trading pairs, along with advanced trading tools. Kraken’s emphasis on customer service and security makes it a preferred choice for many traders.

4. LiteBit

LiteBit is a European exchange based in the Netherlands and is a suitable crypto exchange to consider. It offers a user-friendly platform for buying and selling a variety of cryptocurrencies. Known for its simplicity and customer support, LiteBit is an excellent option for those looking for a straightforward and secure trading experience.

5. Coinhouse

Coinhouse is a France-based local exchange that provides services for buying, selling, and managing cryptocurrencies. It is known for its regulatory compliance and strong emphasis on security. Coinhouse offers a range of services tailored to both retail and institutional investors, making it a suitable alternative for French users affected by Bybit’s exit.

Final Thoughts

Bybit had a stronghold in the French market, and with the exit, there was a significant shift in the landscape for cryptocurrency traders in France. However, with several other reputable exchanges available, French users have plenty of options to continue their cryptocurrency trading activities. Exchanges like Binance, Bitget, Kraken, LiteBit, and Coinhouse offer robust platforms with diverse features, ensuring that users can find an option that best suits their needs.