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, therefore restricting users from establishing new positions or making purchases. Also, all open roles were sold soon following the move.

Bybit has guaranteed consumers that there would be no fees charged for either moving money to Coinhouse or converting their assets to USDC.

On Coinhouse, unverified accounts will pay a monthly custody charge, though. 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.

Authorities stressing adherence to local laws for crypto platforms have been driving growing regulatory scrutiny of France. Bybit’s choice to get out shows the continuous pressure on exchanges functioning inside the European market.

While the relocation may cause some users difficulty, it also emphasizes the increasing requirement of well-defined rules to guarantee the secure running of digital asset platforms.

Previously, CNF noted that FTX recovered $175 million and sold BIT tokens to Mirana for $53 million after obtaining a $ 228 million settlement with Bybit.