Crypto exchange giant Bybit this week withdrew trading services from France due to regulatory concerns.
Bite announced It was announced on Thursday that all accounts associated with French citizens and residents would switch to “close-only” mode the following day, preventing users from adding or opening new positions.
The exchange encouraged users to move their assets and funds to different accounts and noted that all remaining open positions would be liquidated on August 13. From that moment on, French users can only withdraw money.
The Autorité des Marchés Financiers, the French securities regulator, blacklisted Bybit in 2022. issued a reminder about the blacklisting in May, noting the exchange’s failure to register as a digital asset service provider (DASP).
“This registration makes it possible to maintain public order by preventing money laundering and terrorist financing, verifying the good reputation and competence of its directors, or even imposing specific measures to protect private investors.
Unregistered platforms offering these services in France are illegal under French law.”
Bybit apologized to its customers on Thursday and claimed it was stepping up its efforts to meet regulatory requirements in France.
“We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been obtained.”
The company is currently the second largest exchange in terms of 24-hour trading volume, trailing only Binance Coin gecko.
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