ByBit To Cease Operations In France Amidst Regulatory Concerns

IconCryptoNewsTerminal Staff01 Aug, 2024

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ByBit To Cease Operations In France Amidst Regulatory Concerns

ByBit, a leading cryptocurrency exchange, has announced that it will discontinue its services in France, effective immediately. This decision comes after the French Financial Markets Authority (AMF) issued a statement earlier in May, declaring that ByBit is not registered in the country and that legal action may be taken to block its website. ByBit has been facing increasing scrutiny from regulators around the world in recent months. In March, the UK's Financial Conduct Authority (FCA) banned the exchange from operating in the country. The FCA cited concerns about ByBit's anti-money laundering and counter-terrorist financing measures. The closure of ByBit's French operations is a significant development, as France is one of the largest cryptocurrency markets in Europe. It is unclear at this time what impact this decision will have on ByBit's overall business. If you are a customer of ByBit in France, you will need to withdraw your funds and close your account before the exchange ceases operations. You can find more information on ByBit's website.

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