Bybit Suspends Withdrawals in France from January 2025
Date: 2024-12-18 Author: Henry Casey Categories: BUSINESS
This decision is due to local regulatory requirements that have previously affected the platform. Customers are urged to withdraw their assets before the specified date.
Bybit announced that users with assets less than 10 USDC will face an account block and will also be required to pay a fee of 10 USDC. For other users, funds will be converted to USDC at the current rate and transferred to the custodial platform Coinhouse. This partner platform will start charging a custody fee of 0.16% of the asset value per month (minimum 1 USDC).
The process of transferring assets to Coinhouse will last from January 8 to 16, during which time access to funds will be temporarily blocked. To use the new platform, users will need to complete registration and KYC, providing the documents they previously used for Bybit. Once the account is verified, there will be no additional fees for transferring funds from Bybit.
Bybit began its exit from the French market in August 2024, citing a lack of necessary licenses. In August, the exchange closed access to its products and positions to local clients, while leaving the possibility of withdrawing funds. This decision followed a warning from the French Financial Market Authority (AMF), which stated that Bybit was operating without the appropriate registration.
In a new statement, Bybit emphasized its commitment to comply with all regulatory requirements and expressed hope to return to the French market once it has the necessary licenses.
