- Bybit will cease operations in France by September 8 due to new regulatory guidelines.
- The platform will switch to a ‘close-only’ mode starting August 3.
- French crypto traders can seek alternative exchanges like Binance, Bitget, and Bitpanda for their trading needs.
Crypto exchange Bybit is ceasing operations in France in response to newly enforced regulatory guidelines that have created a challenging environment for cryptocurrency exchanges to operate effectively. As Bybit exits, French crypto enthusiasts will need to find alternative platforms for their cryptocurrency trading activities.
Bybit has announced a clear timeline for its orderly withdrawal from the French market. From August 3, 2024, the platform switched to a “close-only” mode, preventing users from opening new positions. By September 8, 2024, Bybit will officially cease all operations in France, requiring users to close any open positions and withdraw their funds by this date.
Notably, these regulatory changes, effective from December this year, impose strict Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, along with increased reporting obligations. Facing these stringent regulations, Bybit determined it was not feasible to continue providing its crypto trading services in France.
Here are three global crypto exchanges that offer comprehensive services and robust features suitable for a variety of trading needs:
Binance
Binance ranks as the most prominent crypto exchange by trading volume, supporting over 300 cryptocurrencies, and provides a comprehensive range of services. They include spot trading, futures trading, staking, and lending.
The platform has gained increased popularity for its high liquidity, advanced trading tools such as margin trading and DeFi staking, with strong security measures, including two-factor authentication, (2FA). Binance’s commitment to regulatory compliance and its user-friendly interface make it an attractive option for traders of all experience levels.
Bitget
Launched in 2018, the Bitget exchange has quickly become a reputable name among the cryptocurrency trading platforms. Bitget is known for its user-friendly interface, robust security features and transparency through Proof-of-Reserves (PoR). It offers various trading options, including spot trading, futures trading, and staking.
One of its standout features is copy trading, allowing users to follow and replicate the strategies of top traders. It also offers nearly 1,000 tradable tokens. Bitget has proven to be a secure platform with its monthly updated Proof-of-Reserve (PoR) and the $300 million user protection fund. Individual users can deposit EUR via bank deposit with 0% fees.
Bitpanda
Founded in Vienna in 2014, Bitpanda goes beyond cryptocurrency trading; it also facilitates investments in precious metals like gold and silver. Supporting over 100 digital assets, Bitpanda is known for its ease of use and stringent security measures, including biometric verification and round-the-clock monitoring. The platform also offers savings plans and crypto index investment options, catering to investors of all levels.
As Bybit prepares to exit the French market, traders may find suitable alternatives in Binance, Bitget, and Bitpanda, each offering a unique blend of features and benefits to meet the diverse needs of the cryptocurrency community.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
