Bybit has announced its withdrawal from the French market due to recent regulatory developments. Effective August 2, 2024, at 08:00 UTC, Bybit will cease offering its products and services to French nationals and residents. Consequently, French users will face significant changes to their account operations.
Key Takeaways:
- Bybit exits the French market effective August 2, 2024.
- French users must close all positions by August 13, 2024.
- Withdrawals remain available, but users should seek alternatives.
Close-Only Mode Begins August 2, 2024
Starting August 2, 2024, French user accounts will enter a “Close-Only” mode. Therefore, users will no longer be able to open new positions or purchase any products.
This restriction applies across all Bybit services and offerings, including One-Click Buy, Bybit Card, P2P, Spot products, Derivative products, Copy Trading, Trading Bots, Bybit Earn, and Bybit Structured Products. Simultaneously, all deposits to accounts will also be restricted.
Liquidation of Remaining Positions on August 13, 2024
Bybit urges French users to wind down and close all open positions across all products by August 13, 2024, at 08:00 UTC. On this date, any remaining open positions, including Derivative and Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn, and Bybit Structured Products, will be liquidated.
Additionally, all card services will be suspended from this date onward. Henceforth, users will only be able to withdraw assets and funds from their accounts.
Commitment to Regulatory Compliance
Bybit acknowledges the inconvenience this decision may cause its French users. However, the exchange emphasizes the importance of adhering to regulatory requirements. Bybit aims to secure the necessary licenses to potentially resume services in the future.
Support and Next Steps
French users are advised to withdraw their assets and funds as soon as possible. Although Bybit has not specified an end date for crypto withdrawals, it is prudent to find an alternative exchange promptly. More details about Bybit exiting France can be found on the official announcement page.
For any questions or concerns, users can reach out to Bybit’s Customer Support team by submitting a case via the provided form.
Bybit Alternatives in France
France is a major market, and surprisingly there are many exchanges available to French citizens. We advise checking our France Crypto Exchanges page for a full list of best CEXs available in this country.
As best Bybit alternatives in France, our staff recommends:
- OKX – One of the world’s largest exchanges, with practically every feature you may need. Excellent for trading, exploring decentralized wallets and web3, and fiat on-ramp.
- HTX – As an exchange operating for over a decade, HTX has proven itself to be a reliable partner for day trading and investing.
- Binance – World’s top exchange that doesn’t need a special introduction, but Binance’s high commitment to regulatory compliance also puts it at risk of being restricted in the future.
- KuCoin – This is an excellent exchange for active trading, staking, and fiat deposits and withdrawals. Also has a convenient KuCard, a crypto debit card that makes spending crypto cheap and simple.
- BitMart – Easy fiat deposits, plenty of features and reliability puts it high on our list of French exchanges.
- WhiteBit – A European-based exchange with many deposit and withdrawal options, beginner-friendly features, and very cheap trading fees.
There are over 20 other reliable French crypto exchanges available, so don’t hesitate to go over our list for even more options.
Bybit’s withdrawal from France marks a significant shift for its French user base. Any more that showcases an exchange’s commitment to regulatory compliance is welcome, but we can only hope this is not a sign of a broader trend of exchanges leaving French market.
