Bybit to Withdraw from French: Important Timeline and Alternative Platforms

Published by

Sara K

August 5, 2024

Bybit recently announced its plans to cease operations in France, a move that will have a considerable impact on French cryptocurrency traders. This decision has been driven by newly enforced regulatory guidelines, which have created a challenging environment for cryptocurrency exchanges to operate effectively within France.

Exit Timeline

Bybit has outlined the following schedule for its orderly withdrawal from the French market:

August 3, 2024: Bybit will switch to a “close-only” mode, preventing the opening of new positions.
September 8, 2024: Bybit will officially cease all operations in France. Users are required to close any open positions and withdraw their funds by this date.

The regulatory changes, effective in December, impose strict KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, along with increased reporting obligations. Facing these stringent regulations, Bybit determined it was not feasible to maintain its services in France.

Searching for New Platforms

As Bybit exits, French users will need to find alternative platforms for their cryptocurrency trading activities. Here are three reliable exchanges that offer comprehensive services and robust features suitable for a variety of trading needs:

Binance

Founded in 2017, Binance supports over 300 cryptocurrencies and provides a comprehensive range of services, including spot trading, futures trading, staking, and lending.

The platform is renowned for its high liquidity, advanced trading tools such as margin trading and DeFi staking, and strong security measures, including two-factor authentication.

Binance’s commitment to regulatory compliance and its user-friendly interface make it an attractive option for traders of all experience levels.

Bitget

Bitget, launched in 2018, has quickly become a reputable name in the cryptocurrency trading space. Known for its user-friendly interface and robust security features, Bitget 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 proved a secure platform with its monthly updated Proof-of-Reserve (PoR) and the $300 million user protection fund.

Individual users deposit EUR via bank deposit with 0% fees.

Bitpanda

Established in Vienna in 2014, Bitpanda offers more than just cryptocurrency trading; it also facilitates investments in precious metals like gold and silver.

In addition, 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 a company regulated by the Austrian Financial Market Authority (FMA), Bitpanda provides a high degree of trust and reliability.

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.