news 
Bybit to End Services in France, Funds Move to Coinhouse
Bybit will end withdrawal and custody services in France by January 8, 2025, transferring unclaimed funds to Coinhouse. French users must withdraw assets or verify with Coinhouse to access transferred funds after Bybit’s service termination.
Bybit, a well-known crypto exchange, has announced plans to terminate withdrawal and custody services in France on January 8, 2025. This action coincides with the corporation confronting growing national legal difficulties. To prevent issues, French users are advised to remove their assets before the specified time. Any unclaimed money left over after this date will be sent to Coinhouse, a French-regulated crypto custodian. Users must finish identification verification with Coinhouse in order to access this money.
Regulatory Pressures Force Bybit’s Withdrawal from France
Given Bybit’s early this year limitations on French accounts, the decision to stop services is not surprising. The platform turned all French accounts to a “Close-Only” mode in August 2024, thus restricting users from establishing new positions or making purchases. Bybit has assured consumers that there will be no fees charged for either moving money to Coinhouse or converting their assets to USDC.
On Coinhouse, unverified accounts will incur a monthly custody charge, although. Until users finish the Know Your Customer (KYC) process, this fee – which amounts to 0.16% of the asset value or 1 USDC, whichever is higher – remains active.
Increasing regulatory scrutiny from authorities stressing adherence to local laws has been driving growing pressure on France’s crypto platforms. Bybit’s choice to exit demonstrates the continuous pressure on exchanges functioning within the European market. While relocation may cause some users inconvenience, it also highlights the increasing requirement for well-defined rules to ensure the secure operation of digital asset platforms.
Please note that this article is provided for informational purposes only and does not constitute investment advice or a recommendation within the context of the Securities Trading Act.
Source: http://www.crypto-news-flash.com
