Bybit to stop crypto services in France next year
Cryptocurrency exchange Bybit has announced that it will stop providing withdrawal and custody services for French users on January 8, 2025, at 8:00 am UTC.
Bybit demande aux utilisateurs français de retirer leurs fonds en urgence avant le 8 Janvier.
— Samy Kacimi (@fakenine_) December 17, 2024
Ceux qui ne le font pas auront leurs assets convertis en USDC et transférés chez Coinhouse, avec des frais applicables.
Et encore merci l’Europe 😂 pic.twitter.com/LkqB5TLGwT
Bybit halts crypto services
In order to prevent issues with fund transfers or account access, the company has advised affected users to take their funds out before the deadline.
Bybit plans to transfer unclaimed assets worth more than $10 USD Coin (USDC) to Coinhouse, a licensed French cryptocurrency custodian. To restore access to their holdings, users will have to complete a verification process with Coinhouse. Bybit will charge a termination fee equal to 10 USDC for accounts with balances under 10 USDC, which will be deducted from the available assets.
Bybit users to withdraw before January 8th
According to Bybit's official announcement, Coinhouse transfers will start after January 8, 2025, and withdrawals will be temporarily suspended during this time, which is anticipated to continue until January 16, 2025. If the account information matches the Bybit identity and details, French users who have a verified Coinhouse account will see their assets credited soon after January 16, the post added.
To access their funds, users in the country without Coinhouse accounts will need to register and complete a comprehensive and detailed Know Your Customer (KYC) verification process.
Bybit made it clear that there would be no costs associated with moving funds to Coinhouse or converting assets to USC. However, until successful KYC verification, unverified Coinhouse accounts will be subject to a monthly custody fee of 0.16% of asset value or 1 USDC, whichever is higher.
The custody fee will be applied monthly, on the first day of each month, according to the announcement; however, the first fee will be charged on the day the assets are moved to Coinhouse. On the day of the asset transfer, there won't be any fees for users whose verified Coinhouse account matches their Bybit identity. Shortly after transfer, they should see their assets reflected in their account.
Regulations surrounding cryptocurrency in France
The finance commission of the French Senate proposed in December 2022 that mandatory licensing for cryptocurrency companies be expedited in order to remove the possibility of operating cryptocurrency financial services without complete authorization until 2026.
Bybit announced that it will stop offering its services and products to French citizens and residents effective from August 13 through a press release posted on its official website on August 1. The exchange supported its decision by pointing to "recent regulatory developments" in the country.
Disclaimer
This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.