Bybit, a leading cryptocurrency exchange, has announced the termination of its services for French users under the banner of Bybit Crypto Services France. Effective January 8, 2025, the exchange will discontinue withdrawal and custody services due to increasing regulatory pressures from French authorities aiming to tighten control over the cryptocurrency sector.
What This Means for Users
Users of Bybit Crypto Services France are urged to withdraw their funds before the January 8, 2025 deadline to avoid complications. Unclaimed assets exceeding 10 USDC will be transferred to Coinhouse, a trusted cryptocurrency custodian in France. Access to these funds will require KYC verification with Coinhouse.
Accounts with balances under 10 USDC will face a termination fee equal to the account balance. Transfers between Bybit and Coinhouse are scheduled to take place from January 8 to January 16, 2025. Withdrawals will be temporarily suspended during this period, but users whose Coinhouse details match their Bybit identity will see their funds transferred seamlessly.
Custody Fees and Conditions
Bybit clarified that no fees would be charged for converting assets to USDC or transferring funds to Coinhouse. However, unverified Coinhouse accounts will incur a monthly custody fee of 0.16% of the asset value or 1 USDC, whichever is higher, until verification. Verified users of Bybit Crypto Services France with matching Bybit and Coinhouse details will not face these charges on the transfer date.
France’s Intensifying Crypto Regulations
The move to terminate Bybit Crypto Services France aligns with France’s enhanced regulatory framework for cryptocurrency services. In December 2022, the French Senate’s finance commission proposed mandatory licensing for crypto firms by 2026, eliminating the option for unregulated operations. These measures aim to safeguard financial stability and improve consumer protection amid global market disruptions.
Bybit’s exit signals a significant regulatory shift in the French crypto landscape. Users are advised to act swiftly to safeguard their funds.
