Bybit Asks French Users to Withdraw Funds Before January 8, 2025, Amid Regulatory Challenges
Key Highlights:
- Bybit will end crypto withdrawal and custody services in France by January 8, 2025.
- Accounts with 10 USDC or less will be charged a 10 USDC termination fee and closed.
- Funds exceeding 10 USDC will be converted into USDC and transferred to the regulated platform Coinhouse.
- Bybit faces mounting regulatory pressure globally, including scrutiny from Japan’s FSA.
Crypto exchange Bybit has announced it will cease offering digital asset withdrawal and custodial services in France due to ongoing regulatory obstacles. The exchange has set a final deadline of January 8, 2025, for French users to withdraw their funds, emphasizing its commitment to complying with evolving regulatory frameworks.
Deadline and Next Steps for French Users
Bybit has advised its users in France to withdraw their assets before January 8, 2025. Accounts with a balance of 10 USDC or less will incur a 10 USDC fee and be subsequently closed. For accounts holding more than 10 USDC, the remaining funds will be converted into USDC at market rates and transferred to Coinhouse, a regulated French crypto platform that will manage further withdrawals.
Withdrawals will be temporarily unavailable during the transfer process between January 8 and January 16. Bybit’s decision follows its earlier move to halt buying and selling digital assets in France in August 2024.
Regulatory Challenges for Bybit
Bybit, one of the largest global crypto exchanges with operations in over 120 countries, continues to face regulatory hurdles beyond France. The Japanese Financial Services Agency (FSA) recently accused Bybit of violating local crypto regulations, signaling increased scrutiny in key markets.
Broader Impact
Bybit’s exit from France mirrors similar challenges faced by other crypto platforms operating in the region. For instance, prediction market platform Polymarket also encountered resistance from French regulators. Despite its strong presence in Europe, Bybit’s decision reflects the tightening regulatory environment impacting the broader crypto industry.
French users are encouraged to act promptly to avoid disruptions and ensure the secure withdrawal of their assets ahead of the January deadline.
