The global crypto exchange just announced that it will stop offering withdrawal and custody services for users in France starting January 8, next year.
This decision comes in response to regulatory changes, so it’s time to take action if you’ve got assets on the platform.
Withdraw your funds
Bybit has made it clear that they will stop offering services for French users, and they’re urging users to withdraw their assets before the deadline to avoid any hiccups.
“Due to recent developments from the French regulator and ongoing restrictions in the country, we regret to inform you that we will no longer provide withdrawal and custody services to nationals or residents of the French Territories.”
Roundabout ways
If you can’t manage to withdraw your funds by January 8, don’t panic, there are some options available.
For users with assets valued at 10 USDC or less, a fee of 10 USDC will be applied, and their accounts will be closed.
If you have more than 10 USDC, Bybit will transfer your remaining funds to Coinhouse, a regulated French crypto-asset platform. After that, any withdrawals will need to be processed through Coinhouse.
From January 8 to January 16, 2025, withdrawals will be completely unavailable as the transfer takes place. Once that period is over, you’ll need to access your funds via Coinhouse, but first, you’ll have to complete the necessary KYC verification.
Custody fee
There are some good news too, as Bybit confirmed there won’t be any conversion or transfer fees during this process, but if your Coinhouse account isn’t verified, you’ll face a monthly custody fee of 0.16% or 1 USDC, whichever is higher.
To dodge these fees, just make sure your identity on Coinhouse matches the info on your Bybit account.
Bybit is a major player in the global crypto trading, and they’re emphasizing the importance of acting quickly.
So if you’re one of those French users, make sure you get your withdrawals sorted out before the January deadline rolls around! Don’t let this opportunity slip away.
