The French regulator recently issued a warning against Bybit.
The exchange will liquidate all positions on August 13.
Bybit, one of the top cryptocurrency exchanges in terms of trading volume, announced yesterday (Thursday) that it will terminate its products and services for French nationals and residents. The exchange cited “recent regulatory developments” in the country behind its decision.
Close-Only to Liquidation
The official announcement detailed that the exchange will restrict the accounts of its French clients to a “Close-Only” mode from August 2, prohibiting them from opening new trading positions. It also urged French users to close all positions and withdraw their funds.
“Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds from your account,” the announcement stated.
Further, on August 13, the exchange will liquidate “all of the remaining open positions across all products (including but not limited to all Derivative products, all Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn products and Bybit Structured Products) that continue to remain unclosed.”
However, the crypto exchange will still allow the withdrawal of assets and funds following the liquidation deadline.
Warning by the French Regulator
The decision of Bybit came after the French financial regulator, Autorité des Marchés Financiers (AMF), issued a warning against Bybit last May. According to the regulator, the exchange was operating in the country without any authorization even after its inclusion on a blacklist two years ago.
Under French law, digital asset service providers (DASPs) must register with the AMF before offering services connected to digital assets, including operating a crypto trading platform. Top crypto brands like Coinbase, Circle, Crypto.com, and Gemini have obtained local licences to secure their presence in the country.
Despite its exit, Bybit plans to return to the European country. It did not furnish any plans in that direction though. “We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured,” the announcement added.
Bybit, one of the top cryptocurrency exchanges in terms of trading volume, announced yesterday (Thursday) that it will terminate its products and services for French nationals and residents. The exchange cited “recent regulatory developments” in the country behind its decision.
Close-Only to Liquidation
The official announcement detailed that the exchange will restrict the accounts of its French clients to a “Close-Only” mode from August 2, prohibiting them from opening new trading positions. It also urged French users to close all positions and withdraw their funds.
“Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds from your account,” the announcement stated.
Further, on August 13, the exchange will liquidate “all of the remaining open positions across all products (including but not limited to all Derivative products, all Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn products and Bybit Structured Products) that continue to remain unclosed.”
However, the crypto exchange will still allow the withdrawal of assets and funds following the liquidation deadline.
Warning by the French Regulator
The decision of Bybit came after the French financial regulator, Autorité des Marchés Financiers (AMF), issued a warning against Bybit last May. According to the regulator, the exchange was operating in the country without any authorization even after its inclusion on a blacklist two years ago.
Under French law, digital asset service providers (DASPs) must register with the AMF before offering services connected to digital assets, including operating a crypto trading platform. Top crypto brands like Coinbase, Circle, Crypto.com, and Gemini have obtained local licences to secure their presence in the country.
Despite its exit, Bybit plans to return to the European country. It did not furnish any plans in that direction though. “We look forward to serving you again in the near future once the appropriate licences allowing us to do so have been secured,” the announcement added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
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Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
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