The crypto exchange giant Bybit pulled trading services from France this week due to regulatory issues.
Bybit announced on Thursday that all accounts associated with French nationals and residents would shift to “close-only mode” the following day, blocking users from adding to or opening new positions.
The exchange encouraged users to move their assets and funds to different accounts and noted that all remaining open positions would be liquidated on August 13th. From that point onward, French users will only be able to make withdrawals.
The Autorité des Marchés Financiers, France’s securities regulator, blacklisted Bybit back in 2022. The regulator issued reminder about the blacklisting in May, noting that the exchange failed to register as a digital asset service provider (DASP).
“This registration makes it possible to maintain public order through prevention of money laundering and terrorist financing, to verify the good repute and competence of its directors, or even to impose specific measures to protect retail investors.
Unregistered platforms providing these services in France are illegal under French law.”
Bybit apologized to its customers on Thursday and claimed it was stepping up its efforts to meet regulatory requirements in France.
“We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured.”
The firm is currently the second-largest exchange by 24-hour trading volume, only trailing Binance, according to CoinGecko.
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