French Bybit Users Face Service Shutdown—Withdrawals End in Weeks

Bybit to End Withdrawals in France

Bybit, a global cryptocurrency exchange, has announced it will no longer provide withdrawal and custody services to users in France, starting Jan. 8, 2025, due to regulatory developments. The exchange stated:

In light of recent developments by the French regulator, and in continuation of the restrictions we previously implemented in the country, we regret to inform you that, starting Jan 8, 2025, Bybit will no longer provide withdrawal and custody services to nationals or residents of the French Territories (‘French Users’).

“We kindly ask that you ensure all assets are withdrawn before this date,” the exchange added. Users have been urged to act promptly to avoid disruptions to their accounts.

For users unable to withdraw funds before the deadline, Bybit outlined specific measures. “After Jan 8, 2025, users with assets valued at 10 USDC or less will incur a 10 USDC fee and have their accounts closed. For users with assets exceeding 10 USDC, we will initiate the transfer of any remaining funds to our trusted custody partner, Coinhouse, a regulated French crypto-asset platform. Subsequent withdrawals will need to be processed through their platform,” the company clarified.

During the transfer period, from Jan. 8 to Jan. 16, 2025, withdrawals will be unavailable. After this period, users must access their funds via Coinhouse, provided they complete the necessary KYC verification.

Bybit confirmed there will be no conversion or transfer fees, but unverified Coinhouse accounts will incur a monthly custody fee of 0.16% or 1 USDC, whichever is higher. The platform emphasized that users verifying their identities on Coinhouse, matching the information on their Bybit accounts, will avoid these fees. Bybit, which facilitates crypto trading globally, urged French users to act ahead of time, ensuring a smooth transition and withdrawal process before the January deadline.