Bybit, a leading cryptocurrency trading platform, has announced it will cease all services for French nationals and residents due to recent regulatory changes imposed by French authorities.
In a statement released today, Bybit outlined the following key changes effective from August 2, 2024, at 08:00 UTC:
- Account Restrictions: All accounts belonging to French users will be set to “Close-Only” mode. This means users will no longer be able to open or add new positions, purchase any products, or make deposits. The restriction applies across Bybit’s entire range of products, including One-Click Buy, Bybit Card, P2P, Spot and Derivative products, Copy Trading, Trading Bot, Bybit Earn, and Bybit Structured Products.
- Account Management: French users are advised to wind down and close all open positions and withdraw their assets and funds.
Starting August 13, 2024, at 08:00 UTC:
- Liquidation of Positions: Any remaining open positions, including those in Derivative products, Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn products, and Bybit Structured Products, will be liquidated. All Bybit Card services will also be suspended from this date. Users will only be able to withdraw funds from their accounts thereafter.
