The Bybit crypto exchange is shutting down its services for users in France, citing regulatory developments as the reason behind the move.

Bybit, one of the world’s largest cryptocurrency exchanges by trading volume, has announced it will cease its services for users in France, citing regulatory developments as the reason behind the decision.

In an Aug. 2 press release, the crypto exchange said it will restrict accounts for French customers to a “Close-Only” mode, prohibiting them from “opening or adding of any new positions nor the purchasing of any type of products.” Until Aug. 13, 08:00 UTC, users can close their open positions across all of the exchange’s products. After the deadline, they will only be able to withdraw assets and funds from their accounts, the press release reads.

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