Bybit Will Stop Crypto Services in France in January

Due to increasing regulatory scrutiny from French financial authorities, cryptocurrency exchange Bybit will cease offering withdrawal and custody services to users in France beginning January 8, 2025.

Bybit is advising affected users to withdraw their funds before this deadline to prevent any disruptions to asset access or transfers. For unclaimed funds exceeding 10 USDC, Bybit will transfer the holdings to Coinhouse, a licensed French cryptocurrency custodian.

Users will then need to complete an identity verification process with Coinhouse to regain access to these transferred assets. Accounts with balances below 10 USDC will be subject to a 10 USDC termination fee, which Bybit will deduct directly from the remaining balance.

Bybit stated that, in light of recent developments by the French regulator and continuing previously implemented restrictions in the country, they regret to inform users that, from January 8, 2025, they will no longer provide withdrawal and custody services to French nationals or residents of French territories.

Bybit has confirmed that asset transfers to Coinhouse will commence after January 8, 2025, during which time withdrawals will be temporarily suspended until the transfer process is completed, expected around January 16, 2025.