Bybit, one of the top cryptocurrency exchanges in terms of trading volume, announced yesterday (Thursday) that it will terminate its products and services for French nationals and residents. The exchange cited “recent regulatory developments” by the country’s regulator behind its decision.
Close-only to Liquidation
The official announcement detailed that the exchange will restrict the accounts of its French clients to a "Close-Only" mode from August 2, prohibiting them from opening new trading positions. It also urged French users to close all positions and withdraw their funds.
“Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds from your account,” the announcement stated.
Further, on August 13, the exchange will liquidate “all of the remaining open positions across all products (including but not limited to all Derivative products, all Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn products and Bybit Structured Products) that continue to remain unclosed.”
However, the crypto exchange will still allow the withdrawal of assets and funds following the liquidation deadline.
