The post Bybit Shuts Down Operations In France Following Regulatory Clampdown appeared on BitcoinEthereumNews.com.

Bybit, a well-known cryptocurrency exchange, said it would stop serving French users on August 2. This was a surprise move that shows how strict regulators are becoming. The decision comes after the Autorité des Marchés Financiers (AMF), France’s financial watchdog, put more and more pressure on the company. Bybit’s operations will be greatly limited, which is a very important time for the exchange and its French customers. Restrictions Pile Up French users will have to deal with a lot of strict restrictions. Bybit has declared all accounts to be “close-only,” which means that users can’t open new positions or buy things. Bybit wrote an in-depth blog post about how it was ending a number of services, such as One-click buy, P2P deals, spot dealing, and derivative trading. Making deposits will also be illegal, making only transfers legal. The regulatory noose will get even tighter on August 13, when Bybit will automatically close any open accounts in spot trading, trading bots, or derivative goods. In addition, all card services connected to the exchange will be shutdown. French users should send help tickets if they have any problems or questions about these big changes. Total crypto market cap currently at $2.1 trillion. Chart: TradingView Historical Background and Problems with Regulations Notably, Bybit is not the only company that has to deal with legal problems. Another crypto giant, Binance, saw its founder, Changpeng Zhao (also known as CZ), give up control of Binance France in December 2023 because the AMF was pressuring him to do so. These cases show that the French cryptocurrency market is subject to strict rules. Source: LinkedIn Though it is facing challenges with authorities, Bybit is still a major participant in the global crypto market. Based on August 1 trade count, Bybit ranks second among platforms behind Binance. Time…

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Filed under: News - @ August 4, 2024 1:14 am