Bitcoin

<ul><li>Bybit will exit the French market on August 13 due to regulatory changes that restrict users to closing existing positions only.</li><li>French users restricted to &#34;close-only&#34; mode, ending Bybit&#39;s operations in France amid new EU crypto laws.</li><li>Bybit&#39;s departure follows AMF warnings and MiCA regulations, highlighting regulatory challenges for crypto exchanges.</li></ul>Bybit, a leading cryptocurrency exchange, has <a href="https://announcements.bybit.com/en/article/notice-on-close-only-and-position-closures-blta0c0e0f458eec266/" rel="noopener noreferrer nofollow">announced</a> its exit from the French market due to evolving regulatory developments. This decision aligns with the recent introduction of comprehensive crypto legislation across Europe. According to a recent <a href="https://announcements.bybit.com/en/article/notice-on-close-only-and-position-closures-blta0c0e0f458eec266/" rel="noopener noreferrer nofollow">report</a>, starting August 13, French users will be restricted to a &#34;close-only&#34; mode on Bybit. This means users can only close the position of existing funds and not open new positions or purchase products. Bybit confirmed this move in a recent statement, signaling the end of its operational activities in France.The operating conditions have continued to worsen for Bybit due to the complex regulatory climate in France. In May, France’s financial authority, AMF, disclosed that Bybit is operating beyond its national laws, and the AMF blacklisted Bybit in 2022 for failure to register. The AMF pointed out that Bybit needs to register as a DASP, an aspect that Bybit had not complied with as a bitcoin exchange.This development coincides with the implementation of Europe’s Markets in Crypto-Assets (MiCA) regulation, <a href="https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica#:~:text&#61;The%20regulation%20covers%20crypto%2Dassets,authorisation%20and%20supervision%20of%20transactions." rel="noopener noreferrer nofollow">introduced</a> by the European Commission on September 24, 2020. The <a href="https://www.europarl.europa.eu/RegData/etudes/BRIE/2023/753930/EPRS_BRI%282023%29753930_EN.pdf" rel="noopener noreferrer nofollow">European Parliament</a> ratified MiCA in April 2023 and set comprehensive guidelines for crypto providers and stablecoin issuers. The rules for stablecoins, including stringent capital and liquidity requirements, came into force in June 2023. Broader provisions for other cryptocurrencies and service providers will be enforced from December 30, 2024.<a href="https://cryptotale.org/bybit-exits-french-market-amid-new-crypto-regulations/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bybit Exits French Market Amid New Crypto Regulations

CryptoTale

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