Bybit to Halt Crypto Services in France by January 2025, Urges Users to Withdraw Assets
Highlights:
- Bybit will halt digital asset withdrawals in France starting January 8, 2025, due to regulatory issues.
- Unclaimed assets exceeding 10 USDC will be transferred to Coinhouse after January 8 for French users.
- Bybit confirms no fees for converting assets to USDC, but unverified Coinhouse accounts incur custody fees.
On Dec. 17, Bybit, a global crypto exchange, announced it will halt digital asset withdrawals and custodial services in France due to regulatory challenges. These services will cease on January 8, 2025, at 8:00 AM UTC. Bybit has advised French nationals and residents to withdraw their assets before the deadline.
Bybit Announces Transfer of Assets to Coinhouse for French Users After January 8
After Jan. 8, accounts with 10 USDC or less will be charged a 10 USDC fee. Bybit plans to transfer unclaimed assets exceeding 10 USDC to Coinhouse, a licensed crypto custodian in France. Users must complete a verification process with Coinhouse to access their holdings.
Bybit’s Coinhouse transfer will start after January 8, 2025, with withdrawals paused until January 16 next year. French users with verified Coinhouse accounts will receive assets after January 16 if the details match Bybit.
Bybit announced that it will terminate withdrawal and custody services in France starting January 8, 2025. Bybit will initiate a transfer of any remaining funds to Coinhouse (a regulated French crypto asset platform). https://t.co/RVD7rNr0xo
— Wu Blockchain (@WuBlockchain) December 17, 2024
Exchange Announces No Fees for Conversions, Custody Fees for Unverified Coinhouse Accounts
Bybit confirmed there would be no fees 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 KYC is completed. The first custody fee will be charged on the day assets are transferred to Coinhouse. Subsequent fees will be applied on the first day of each month.
Bybit has a strong presence in Europe. It is one of the top crypto exchanges in Germany and the Netherlands. The platform is also the second-largest crypto trading platform worldwide by trading volume. Only Binance surpasses Bybit, and it operates in nearly 120 countries.
Bybit Stops Services in France Due to Regulatory Challenges
Bybit’s closure in France marks the end of its operations there. This process began in August 2024 when the platform suspended purchase and position opening services. Due to compliance requirements from the AMF, Bybit gave users a few months to close their positions and withdraw assets. No exceptions will be made after January 8.
On May 16, the AMF informed French users that Bybit failed to meet regulatory standards and has been unauthorized since 2022. Exchanges must register as a Digital Asset Services Provider (DASP) to operate legally in France. At that time, AMF said, “Unregistered platforms providing these services in France are illegal under French law. Bybit is not registered as a DASP.”
Moreover, Bybit is facing regulatory challenges in regions beyond France. Two weeks ago, Japan’s Financial Services Agency (FSA) charged Bybit MEXC Global, KuCoin, Bitget, and Bitcastle with breaching the nation’s crypto regulations.
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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