Cryptocurrency exchange Bybit has announced that the platform will cease offering products and services in France.
Bybit pointed out that starting from 4 pm Taipei time on August 2, French users will no longer be able to purchase any type of product, nor will they be able to open new positions or increase existing positions. According to a release from the company, all Bybit products, such as Bybit Earn and spot products, are included in the restriction.
Bybit stated that the open positions of French users will be settled at 4 pm on August 13, and after that, only users will be allowed to withdraw assets and funds from the platform.
Before Bybit announced its withdrawal from the French market, the country made it more difficult for cryptocurrency companies to obtain licenses in August 2023 in response to the EU Cryptoasset Market Act (MiCA), which will take full effect in December this year.
Bybit wrote in a statement on Thursday: "In light of recent regulatory developments by French authorities, Bybit will cease providing our products and services to French citizens, residents. Once the license is obtained, we look forward to serving you again in the near future." .
"The EU's new cryptocurrency regulatory regulation MiCA is about to take effect, and ByBit announced its withdrawal from the French market" This article was first published on "Blocker".