Cryptocurrency exchange Bybit has announced its withdrawal from the French market, citing “recent regulatory developments” as the primary reason for its departure. The decision comes amid increasing regulatory scrutiny of the cryptocurrency industry in France.
Starting from August 13, 2024, French users will only be able to withdraw their remaining funds from the platform. Any open positions will be automatically liquidated. Bybit has expressed its intention to re-enter the French market once it obtains the necessary regulatory licenses.
This move highlights the challenges faced by cryptocurrency exchanges in navigating the complex regulatory landscape across different jurisdictions. As regulators worldwide tighten their grip on the industry, more exchanges may be forced to adapt their business models or exit certain markets altogether.
