Bybit stops trading in France

Bybit users in France must have been surprised today. The company withdrew from France on August 2nd. "Given recent regulatory developments by the French regulator, Bybit will no longer offer its products and services to French citizens." The crypto exchange Bybit reports this in a press release.

This means that from now on, French users are no longer allowed to open new positions. Users are only allowed to close positions. The platform also asks users to remove their cryptocurrencies from the platform as soon as possible. Starting August 13, Bybit will liquidate all positions still open at that time.

Bybit says that stricter regulatory measures in France are the reason for this move. These measures come because of the EU's MiCA regulation, which will take full effect from December.

Bybit was founded in 2018 in the British Virgin Islands. It is the second largest crypto-exchange in the world in terms of trading volume.