Bybit will terminate its withdrawal and custody services in France starting Jan. 2025. The exchange announced it would transfer any remaining funds to a regulated French crypto platform, Coinhouse.
Bybit claimed compliance was its number one priority. Recent regulatory developments in France accelerated the decision. French users will need to withdraw their assets prior to Jan. 8, 2025. Any account holding 10 USDC or less after this date will incur a 10 USDC termination fee. Once the fee is deducted, accounts will be closed.
As stated in the announcement post, users above 10 USDC will have Bybit initiate the transfer of their assets to Coinhouse; asset conversions will be converted at the prevailing rate. Bybit will start transferring assets on Jan. 8th, 2025, at 8 AM UTC and continue until Jan. 16th, 2025, at 8 AM UTC; during this time, a withdraw facility won’t be available.
Bybit users: Coinhouse account and KYC verification required
Access to funds after Jan. 16 shall be done through Coinhouse. They will have to create an account on Coinhouse and perform KYC verification so they can have access to their funds. Using the same identity as Bybit will make sure that the transfers are smooth. If verification is successful, funds will be credited in a very short period.
Coinhouse will charge 0.16% of the total assets or 1 USDC, whichever is greater, as a custody fee monthly. This will apply until the users have gone through verification. The first charging is done on the day of the transfer. However, verified accounts are exempt from this fee.
Bybit’s customers will avoid any complications by withdrawing their funds before the deadline. Opening and verifying an account in Coinhouse well in time will ensure this. Bybit made it clear that such a conversion of assets into USDC would be devoid of any fees.
There would also be no transfer fees associated with the process. The only fees that would continue are inactivity and custody fees for unverified accounts. In its announcement, the platform asked French users to take urgent actions to protect their money.
Nevertheless, new regulations make the grip tighter, so such a withdrawal of Bybit serves as a signal to show the strategic adjustment of the exchange to the French market.
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