Bybit, a prominent cryptocurrency exchange, has announced its decision to discontinue all services in France, effective January 8, 2025.
The decision comes in response to changing regulatory requirements from the French authorities. In a public statement, Bybit reaffirmed its commitment to compliance, expressing regret for the inconvenience caused to French users.
As part of the exit strategy, the platform has outlined a comprehensive plan for asset withdrawal and custody transfers, urging users to act promptly to avoid disruptions.
Bybit ‘s Message for French Users
Bybit has set a deadline of January 8, 2025, for French users to withdraw their their assets. After this date, users with account balances exceeding 10 USDC will see their assets transferred to Coinhouse, a regulated crypto platform in France.
Coinhouse will assume custody, enabling further withdrawals. For users with balances of 10 USDC or less, a termination fee of 10 USDC will be applied, resulting in account closure. Bybit stated that users should withdraw assets before the deadline to avoid fees and potential delays.
Starting January 8, 2025, Bybit will initiate asset transfers to Coinhouse, converting all remaining balances into USDC at the prevailing rates. The transfer process will occur from January 8 to January 16, 2025, during which withdrawals will be temporarily unavailable.
Users already registered with Coinhouse and having matching KYC details will receive their funds promptly after the transfer window closes. Those without Coinhouse accounts must register and complete KYC verification to access their assets.
From 8 AM UTC on January 8 to 8 AM UTC on January 16, 2025, asset transfer to Coinhouse will be underway. During this period, users can not withdraw funds. Verified Coinhouse account anytime.
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