Fun

ByBit exchange halts operations in France

News Feed - 2024-08-02 07:08:21

Vince Quill1 hour agoByBit exchange halts operations in FranceByBit has been at odds with the Autorité des Marchés Financiers (AMF) since 2022 when the regulator blacklisted the exchange.485 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onPopular cryptocurrency exchange ByBit announced it is halting operations in France and restricting account features for French users in an Aug. 1 press release.


ByBit cited "recent regulatory developments" by France"s financial regulator, Autorité des Marchés Financiers (AMF), as the catalyst for halting operations in the European country.


The centralized exchange cautioned French users that their accounts will be "restricted to close-only" configuration, preventing new positions from being opened or new funds from being deposited across ByBit"s services and products beginning on Aug. 2.


From Aug. 13, all positions that were not closed will be automatically liquidated and card services will also be suspended for French clients, who will have the option of withdrawing any funds left over from their ByBit accounts.


ByBit concluded its announcement by telling French customers that ByBit looks forward to returning to the French market in the future once it has secured the proper regulatory licenses under French law.


Related: Bybit introduces Indian digital rupee CBDC payment optionTrouble with French regulators


The AMF issued awarning to French residents on May 16, reminding them that the popular cryptocurrency exchange has been blacklisted in the country since 2022. AMF claimed that the exchange failed to register as a Digital Asset Services Provider (DASP) and cautioned French investors that the site could be shut down at any time.


In June, ByBit surpassed Coinbase to become the world"s second-largest exchange by trading volume, even chipping away at Binance"s market share due to ongoing regulatory challenges globally for the world"s largest cryptocurrency exchange.


France"s AMF targeted Binance in December 2023 amid founder Changpeng Zhao"s legal battle in the United States. In an effort to remain compliant with US sanctions, the financial regulator sent an ultimatum to the exchange, forcing Zhao to relinquish ownership of Binance France to shareholders with an equal stake in the company.


According to Binance France, the two shareholders who took ownership of the company were also founding members of the Binance exchange.


Magazine: William Mapan’s Distance sells out, NFT float in Macy’s Parade, Nouns DAO forks: NFT Collector# France# Business# Cryptocurrency Exchange# Exchanges# RegulationAdd reaction

News Feed

Former Exchange CEO Mark Karpeles Reveals Plans to Airdrop NFTs to Mt Gox Customers
Former Exchange CEO Mark Karpeles Reveals Plans to Airdrop NFTs to Mt Gox Customers The former CEO of the bankrupt bitcoin exchange Mt Gox, Mark Karpeles, announced he has launched
Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament
Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejecte
Brazil Creates Crypto-Dedicated Investigation Unit
Brazil Creates Crypto-Dedicated Investigation Unit The public prosecution of the Federal District, located in the center-west region of Brazil, has launched its own cryptocurrency
Brayden Lindrea5 hours agoMark Cuban, John Reed Stark clash over the cause of FTX’s collapseMark Cuban thinks the SEC could have saved U.S. customers from FTX had it adopted Japan’s approach to crypto regulation, but
Bitcoin price flash crash raises chance of BTC dip to $54K
Nancy Lubale4 hours agoBitcoin price flash crash raises chance of BTC dip to $54KBitcoin price drops more than 2% in an hour, leading to $127 million in long liquidations.5288 Total views56 Total sharesListen to article
Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers
Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers Crypto exchange Binance will stop processing transactions with Ukrainian hryvnia through two payment platfo
Crypto exchange BitForex halts withdrawals, stops responding to users
David Attlee13 hours agoCrypto exchange BitForex halts withdrawals, stops responding to usersA Hong Kong-based crypto exchange has suspended withdrawals for at least three days without warning.10493 Total views14 Total s
TrustSwap Leverages its Escrow and Time-lock Services to Build a Startup Launchpad
TrustSwap Leverages its Escrow and Time-lock Services to Build a Startup Launchpad In recent months, a new DeFi upstart has been making a name for itself in the
US State Regulator Launches Crypto Scam Tracker
US State Regulator Launches Crypto Scam Tracker The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents
Renzo’s ezETH depegs to $688 following end of airdrop farming window
Zoltan Vardai10 hours agoRenzo’s ezETH depegs to $688 following end of airdrop farming windowDespite the temporary price depeg, a trader made nearly $400,000 in profit due to the unfortunate incident.2239 Total views16
Bitcoin RSI points to short-term gains as metric signals BTC price top
William Suberg13 hours agoBitcoin RSI points to short-term gains as metric signals BTC price topThe value days destroyed multiple is hinting at an incoming BTC price macro top, but all might not be as it seems.2715 Total
Ezra Reguerra14 hours agoNFTs are ‘totally worthless’ says mainstream media, community respondsA community member highlighted the drastic shift in mainstream media narrative, sharing a previous article promoting the