Due to increased regulatory scrutiny from French financial authorities, crypto exchange Bybit has announced that it will suspend withdrawal and custody services for users in France, effective January 8, 2025, at 8:00 am UTC.
Bybit has asked affected users to withdraw their funds before this deadline to avoid problems with account access or fund transfers.
For users with unclaimed assets greater than 10 USD Coin, Bybit intends to transfer those assets to Coinhouse, a licensed cryptocurrency custodian in France. To claim their assets, users will need to complete a verification process with Coinhouse.
This decision underscores the growing regulatory pressure on global crypto exchanges, as several jurisdictions seek to establish tighter control over the cryptocurrency market.