As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies and their regulatory landscape, I find myself following the developments surrounding Bybit’s decision to cease services in France with great intrigue. With my background in understanding the complexities of AML policies and regulatory compliance, it seems that Bybit has found itself entangled in a web of challenges related to these issues in France.
As a crypto investor, I recently learned that Bybit, the platform where I’ve been managing my digital assets, is ceasing operations for French users due to evolving regulations within our jurisdiction. This decision was made based on recent regulatory developments, and while it may impact my investment strategy, I am keeping an eye out for other compliant platforms to continue my crypto journey.
In simple terms, Bybit – a well-known global cryptocurrency exchange with high trading activity – has shared that they will be ending their services for users based in France. They attribute this move to ongoing changes in the regulatory landscape.
In a statement issued on August 2nd, the cryptocurrency exchange announced that it would limit French user accounts to a “Closed-Only” status starting immediately. This means that French users will no longer be allowed to open new positions or add to existing ones, and they can’t purchase any type of products offered by the exchange. However, until August 13th, 08:00 UTC, users can still close their current positions on all exchange products. After this deadline, French users will only be able to withdraw their assets and funds from their accounts.
“We’re excited to welcome you back as soon as we get the necessary permissions, which should be shortly.”
Bybit
It was made clear during the discussion that these limitations extend to all their products, encompassing both their peer-to-peer platform and cryptocurrency debit card services.
Bybit leaves France amid AML concerns
Bybit made a change without giving a specific reason, however, they mentioned that this action is a reaction to recent regulatory adjustments initiated by the French regulatory body.
The action is being taken in response to the impending implementation of the European Union’s cryptocurrency legislation, known as MiCA (Markets in Crypto-Assets), which will commence on December 30th. This new law is intended to replace the individual crypto regulations that currently exist within EU member states. While companies like Coinbase, Circle, and Gemini have already received approval from French regulators prior to MiCA, Bybit appears to be encountering difficulties with its Anti-Money Laundering (AML) policies as it expands rapidly in the market.
Around mid-May, the French Financial Market Authority restricted access to the cryptocurrency exchange Bybit, claiming that the company was operating without proper authorization within the country. The AMF stated that Bybit needed to register before offering its services in the region. Shortly after this, a brokerage firm supported by Citadel Securities, called Hidden Roads, halted access for its clients to Bybit due to a dispute over the exchange’s anti-money laundering (AML) practices.
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2024-08-03 01:44