Bybit has officially announced its decision to cease operations in the French market, with a final deadline set for January 8, 2025. The announcement, made on the evening of December 17, 2024, marks a significant turning point for Bybit’s French users.
For withdrawals after January 8, Bybit has outlined two clear options:
- Accounts with balances below 10 USDC will incur a withdrawal fee of 10 USDC and will subsequently be closed.
- Accounts with balances above 10 USDC will be transferred to Coinhouse, Bybit’s new custodial partner in France. Once transferred, all withdrawal transactions will need to be processed through the Coinhouse platform.
This decision comes as no surprise, as it was hinted at back in August when Bybit announced its intention to leave the French market due to pressure from the European Union’s new MiCA regulatory framework. This move is part of a broader tightening of cryptocurrency regulations in France, evidenced by recent developments.
For instance, in November, Polymarket, a blockchain-based prediction market platform that saw trading volumes reach $3.5 billion during the U.S. presidential election, restricted access for French users under pressure from French regulators.
More recently, the arrest of Pavel Durov, the founder of Telegram, has sparked significant controversy among privacy advocates. Although President Macron denied any political motives behind the allegations, the incident has raised questions about the regulatory environment in France.
Related: UK Announces Legal Framework, Aiming to Become a Global Crypto Hub
Bybit has strongly advised its users to withdraw funds before the deadline. Otherwise, all remaining assets will be converted into USDC and transferred to Coinhouse, a cryptocurrency asset management platform based in France.
Notably, France is the fourth country from which Bybit has withdrawn in the past three years, following the United Kingdom, Canada, and South Korea.
