A well-known crypto exchange, Bybit, has said that it will no longer serve French users as of August 2. This change was made because the Autorité des Marchés Financiers (AMF) is putting a lot of pressure on the bitcoin industry in France.
All of Bybit’s accounts are now marked as “close-only,” which means that users can’t make new positions or purchases. One-click buy, peer-to-peer transfers, spot trading, and trading in derivatives will no longer be available. You will not be able to make deposits; only repayments will be possible.
Bybit will close any open accounts that are used for spot trading, trading bots, or derivative goods on August 13. All card services that are linked to the exchange will also stop working. If French users have any problems or questions about these big changes, Bybit says they should call support.
Binance, another major crypto exchange, also had problems with French regulators, so Bybit isn’t the only one having trouble. The founder of Binance, Changpeng Zhao, quit Binance France in December 2023 because the AMF told him to.
Even with these problems, Bybit is still a major player in the world; as of August 1, it was the second-largest exchange by trade volume. But Bybit has had to rethink how it does business in France because regulators are paying more attention to it.
Bybit’s decision to leave France shows how the rules for the bitcoin industry are changing. Exchanges need to adapt or face problems running their businesses. Bybit is still a big player in the crypto market around the world, even though it left France. It is looking into expanding to places with better laws.
