Unable to withstand strict regulations! Bybit announces its exit from the French market, users must withdraw funds by August 13th.

The latest announcement from the cryptocurrency exchange ByBit indicates that it will be exiting the French market effective immediately, including all related services such as its physical debit card, Bybit Card, which will no longer be usable after August 13th.

Bybit Exits French Market

The statement indicates that Bybit has announced the cessation of its operations in France effective immediately and the restriction of account functions for French users:

Operating our business in compliance with all relevant regulations has always been Bybit's top priority, and in light of recent developments from French regulatory authorities, Bybit will cease providing our products and services to French nationals and residents.

Bybit stated that this move is in response to the latest "regulatory developments" from the French financial market regulator, AMF.

Reportedly, this is the latest regulatory measure by Bybit since exiting the Canadian, UK, and Hong Kong markets from last year to date.

Regarding users, the accounts and functions of French users will be restricted to "close-only or liquidate-only" starting immediately; after August 13, all open positions will be automatically closed, and all services including their physical debit card Bybit Card will no longer be usable; at that time, users will only be able to withdraw the remaining funds in their Bybit accounts.

However, Bybit still holds hope for a return to France:

We hope to be able to serve you again in the near future once we obtain the appropriate regulatory licenses.

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In June last year, a Kaiko report pointed out that Bybit's global trading volume had surpassed Coinbase at one point and even captured a portion of Binance's market share.

Since this year, the exchange has been rapidly catching up, with its global market share steadily increasing from 4.8% at the same time last year to 10.6% currently, reaching a historic high.

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France Known for Strict Cryptocurrency Regulation

AMF has always been known for its strict compliance standards, consumer protection, and financial stability regulations, even exchange OKX was exposed a few weeks ago for relocating its European compliance venue from France to the more lenient Malta.

Coindesk: OKX Chooses Malta over France for Loose Regulation, Aiming for MiCA Compliance

In May this year, AMF issued a warning to Bybit regarding its services to the French public, reminding that Bybit has been blacklisted since 2022:

BYBIT is not registered as a Digital Asset Service Provider (DASP), and AMF reserves the right to take legal action and block the platform.

Currently, only stablecoin issuer Circle, exchanges Coinbase, Gemini, Crypto.com, and other crypto enterprises have obtained DASP licenses.