Citing increased regulatory scrutiny from French financial authorities, global cryptocurrency exchange Bybit has announced it will discontinue withdrawal and custody services for users in France, effective January 8, 2025, at 8:00 am UTC.
Bybit is urging affected users to withdraw their funds before this deadline to avoid potential issues with account access or fund transfers. The exchange plans to transfer any unclaimed assets exceeding 10 USD Coin to Coinhouse, a licensed cryptocurrency custodian in France.
To regain access to these transferred assets, users will be required to complete a verification process with Coinhouse. For accounts with balances below 10 USDC, Bybit will impose a termination fee of 10 USDC, which will be deducted from the available assets.
This decision reflects the growing regulatory pressures faced by global crypto exchanges as many jurisdictions seek tighter control over the cryptocurrency sector. Bybit has stated that the transfers to Coinhouse will begin after January 8, 2025, resulting in a temporary suspension of withdrawals during the transfer process, which is expected to last until January 16, 2025.
