Bybit has announced that it will exit the French market due to the EU's crypto regulations, which have a significant impact on how companies and individuals handle their assets. From August 13, French users will only be able to withdraw funds, but not trade. Bybit's operations in France have been controversial, and it was blacklisted for failing to comply with France's digital asset service provider registration requirements. With the implementation of the MiCA regulation, France will strengthen its supervision of cryptocurrencies and their service providers by the end of 2024.

Key points

- Bybit decided to exit the French market in response to the new EU crypto regulations.

- From August 13, French users can only withdraw funds, but not conduct other transactions.

- The French Financial Commission AMF has warned users that Bybit has not complied with local regulations and has been blacklisted.

- Bybit is not registered as a digital asset service provider, which violates French law.

- The MiCA regulation will implement stricter supervision in France and other EU countries by the end of 2024.

- Bybit has also exited the Canadian and British markets due to increasingly stringent regulations.

- Despite facing market restrictions, Bybit is still the second largest exchange in the world with a trading volume of more than $5.5 billion.