Bybit's French Departure: New Restrictions and the Future of Cryptocurrency Exchanges in Europe

The Web3 world, despite its rapid growth, faces new challenges related to changes in regulation and control. These changes affect decentralized areas and extend to centralized structures, such as significant cryptocurrency exchanges, which increasingly resemble traditional banks and perform similar functions. An example of these changes is recent legislation concerning cryptocurrency exchanges and well-known figures in the industry. The former CEO of the largest exchange, Binance, is serving a four-month prison term. More detailed information can be found in our previous article at the link "Changpeng Zhao: 4 Months Beyond - Sentencing for Former Binance CEO."

In this news article, Coinmooner wants to draw your attention to an important event that has affected many crypto enthusiasts in a specific region. The exchange Bybit has announced the cessation of its operations in France due to changes in legislation. From August 2, restrictions have been placed on customer accounts, and from August 13, position liquidation will begin.

Exchange representatives have stated that they intend to return to the French market after obtaining the necessary licenses in compliance with local laws.

Coinmooner decided to gather more information about Bybit's unexpected exit from the French market. Despite the liquidation of trading positions and the cessation of card services in France, users can still withdraw funds from their accounts on the Bybit platform.

After a closer analysis, it was revealed that on May 16, the French financial regulator AMF issued a warning about Bybit, informing investors that the exchange has been blacklisted since 2022. Bybit failed to register as a Digital Asset Service Provider (DASP), which could have led to its website being blocked at any moment.

It’s worth noting that in June, Bybit surpassed the American exchange Coinbase to become the second-largest exchange in the world by trading volume, taking market share from the largest exchange, Binance, which is also facing regulatory issues in several countries.

This event highlights the importance of continuously monitoring regional changes in the Web3 world to maintain proper operation levels for exchanges and other crypto companies. Coinmooner will closely monitor the developments and promptly inform our readers about any changes. We also remind you to use the most up-to-date security measures in the Web3 industry.