Bybit, a global cryptocurrency exchange, has announced it will discontinue withdrawal and custody services for users in France starting January 8, 2025, in response to evolving regulatory developments from the French authorities. 

The move follows previously implemented restrictions within the country and marks Bybit’s latest step to align with compliance requirements.

According to the company’s announcement, Bybit will no longer provide access to funds or account services for nationals and residents of the French territories after January 8, 2025. Affected users have been urged to withdraw their assets before the deadline to avoid disruptions or additional processes.

The exchange specified that users with assets valued at 10 USDC or less will incur a 10 USDC termination fee on January 8, 2025, after which their accounts will be permanently closed. For users with assets exceeding 10 USDC, the remaining funds will be converted to USDC at the prevailing conversion rate and transferred to Coinhouse, a regulated French crypto-asset platform.

The asset transfer to Coinhouse is scheduled to take place between January 8, 2025 (8 AM UTC), and January 16, 2025 (8 AM UTC). During this period, withdrawals from Bybit will be unavailable.

For users with existing Coinhouse accounts, funds will be credited automatically, provided that the identity matches the details on their Bybit account. Users without Coinhouse accounts will need to create one and complete the required Know Your Customer (KYC) verification process. The verification is essential for accessing and withdrawing transferred funds.

Bybit has recommended that users utilize the same identity and KYC documents to facilitate a smooth transition.

Bybit clarified that all remaining crypto and fiat assets will be converted to USDC on January 8, 2025, at no additional fee. Transfer of assets to Coinhouse will also be free of charge.

However, custody fees will apply to unverified Coinhouse accounts. A monthly custody fee of 0.16% of the total asset value or 1 USDC equivalent—whichever is higher—will be charged until KYC verification is completed. This fee will no longer apply once users successfully verify their Coinhouse accounts.