Bybit, a cryptocurrency exchange, will discontinue withdrawal and custody services for users in France starting January 8, 2025, due to increased regulatory scrutiny. Users are advised to withdraw their funds before the deadline to prevent any disruptions. Unclaimed funds over 10 USDC will be transferred to Coinhouse, a licensed custodian, requiring identity verification for access. Balances below 10 USDC will incur a termination fee deducted from remaining funds. Bybit stated that the decision was influenced by French regulatory developments and restrictions. Asset transfers to Coinhouse will commence after January 8, with withdrawals temporarily halted until January 16. French users with verified Coinhouse accounts will receive their funds post-January 16, while others must complete KYC verification. Bybit's challenges in France reflect global regulatory pressures faced by crypto exchanges, with similar issues in Japan and legal proceedings with FTX. The crypto industry faces increasing regulatory scrutiny worldwide, as seen with Coinbase, Binance, and KuCoin encountering compliance issues in various countries. Read more AI-generated news on: https://app.chaingpt.org/news