Bybit stops serving customers in France
Cryptocurrency exchange Bybit has announced that it will cease all services to users from France starting January 8, 2025.
This decision has been made in light of changes in local legislation. The exchange has advised users to withdraw their assets before the service stops. Once the withdrawals are closed, all accounts with assets of 10 USDC or less will incur a penalty of 10 USDC and will be permanently closed. For accounts valued at 10 USDC or more, there will be a mandatory procedure to convert all assets into USDC and transfer them to the custodial service Coinhouse at the client's expense.
The company noted that the exchange will not charge any fees for the conversion and transfer.
It is worth mentioning that since August of this year, Bybit has informed that French users are unable to open new positions. The company's cessation of operations in France is related to stricter licensing requirements under the European MiCA legislation.