The Bitcoin exchange Bybit announced its withdrawal from the French market.
Starting from August 2 at 8:00 UTC, local users will no longer be able to open or add new positions.
All Bybit products are included in this restriction, according to the company’s release.
All remaining positions are subject to liquidation after August 13 at 8:00 UTC. Thereafter, the platform will only allow the withdrawal of assets and funds.
The decision follows the tightening of requirements by the country’s regulators for obtaining the necessary licenses in preparation for the implementation of MiCA at the end of the year.
“In light of recent developments related to actions by French regulatory authorities, Bybit is ceasing to provide products and services to residents of the country,” the statement reads.
In June, CEO Ben Zhou assured that the company thoroughly checks Russian clients and adheres to “very strict rules” regarding sanctions compliance.
In May, Russian users accounted for 27% of Bybit’s total traffic.