Bybit to Cease Crypto Operations in France by January 2025 – Users Advised to Withdraw Funds
Bybit, a leading cryptocurrency exchange, has issued an urgent notice to users, advising them to withdraw their assets by a specified deadline due to upcoming changes in its platform operations. The announcement, made on December 17, 2024, highlights an adjustment that impacts asset management, prompting immediate action from account holders. “In light of recent developments by the French regulator, and in continuation of the restrictions we previously implemented in the country, we regret to inform you that, starting January 8, 2025, Bybit will no longer provide withdrawal and custody services to nationals or residents of the French Territories (“French Users”). We kindly ask that you ensure all assets are withdrawn before this date,” the exchange wrote. According to the press release, Bybit noted that after January 8, 2025, users with assets worth below 10 USDC risk attracting significant fines and account closure. For assets above 10 USDC, Bybit intends to transfer the funds to Coinhouse, a French crypto-related platform. The trading platform noted that the digital seers transfer to Coinhouse will happen between January 8 and 16. The exchange stated, “Starting January 8, 2025, we will transfer your assets to Coinhouse. During the transfer process, which will last from 8 AM UTC on January 8, 2025, to 8 AM UTC on January 16, 2025, withdrawals will be unavailable.” Urgent Timeline and User Instructions In its official statement, Bybit stressed that failing to withdraw funds before the provided deadline could prevent users from accessing their assets. The company advised affected users to follow all withdrawal procedures closely to ensure smooth transactions. Bybit’s notice underscored the importance of adhering to the timeline, which remains critical for safeguarding funds. Users who fail to act within the outlined period risk the possibility of delayed or inaccessible withdrawals. Next Steps for Affected Bybit Users Bybit advised all impacted users to take immediate steps, including reviewing their accounts, confirming their balances, and ensuring timely asset transfers. Users are encouraged to follow the platform’s official communication channels for further updates. The exchange reiterated that users who encounter challenges during the withdrawal process should seek assistance through its support team to avoid complications. Bybit’s announcement signals a significant operational shift, though further details about the platform’s plans remain unclear. The company is expected to issue additional guidance as the process unfolds.
The Best Multi-signature Wallet to Keep Your Coins Safe
In traditional finance, multi-signature accounts require multiple signatories to approve transactions, adding a layer of security that protects against misuse or embezzlement. This system ensures that no single person has unilateral control over funds, making it a valuable tool for organizations and partnerships seeking transparency and accountability. In cryptocurrency, multi-signature wallets bring a similar concept, with added flexibility and speed, tailored specifically to the digital asset landscape. With these wallets, multiple parties must approve transactions, providing robust security without sacrificing ease of access and transaction flow. In this article, we’ll explore how multi-signature wallets work, their benefits for crypto users, and how they transform security and collaboration in the decentralized world. Read Also: Types of Cryptocurrency Wallets Key Takeaways What is a Multi-Signature Wallet? To understand a multi-signature wallet, it’s essential first to grasp the role of a “signature” in digital transactions. In cryptocurrency, a transaction represents a transfer of assets between wallets, verified by a unique string known as a private key, or seed phrase. This private key acts as a digital signature, confirming that the transaction originates from the wallet owner and safeguarding it from unauthorized modifications. For instance, if you have 300 coins in a crypto wallet, your private key is the only way to authorize a transaction, such as transferring 80 coins to a friend. While this single-key system ensures confidentiality and security, it also has vulnerabilities—if someone gains access to your private key, they can control your funds. This is where multi-signature wallets (or “multi-sig” wallets) come into play. Rather than relying on one private key, a multi-signature wallet requires multiple keys to authorize a transaction. For example, with a 2-of-3 multi-sig wallet, three keys are associated with the wallet, but only two are needed to execute a transaction. Alternatively, you could set a 3-of-3 rule, requiring all three keys to approve any transfer. Multi-signature wallets provide enhanced security and flexibility, making them an ideal choice for businesses, partnerships, or individuals looking for an extra layer of protection and shared control over their assets. How Does Multi-signature Wallet Work? In a multi-signature wallet, users can establish access rules depending on their needs and the level of security required. Here’s a breakdown of common configurations: 1-of-2 In this arrangement, two users share access to a single wallet. Both parties hold unique keys, and either one can independently authorize transactions. It functions similarly to a joint account in traditional banking, where each user has full access without needing the other’s permission. 2-of-2 To increase security, a 2-of-2 setup requires both keys for any transaction. For instance, a user could store one key on their mobile phone and another on their laptop. This setup allows secure access from different devices, but both keys must be available to approve transfers, adding an extra layer of protection. 2-of-3 This configuration is commonly used in business transactions involving a buyer, seller, and an arbitrator. Three keys are issued, and two are needed to authorize a transaction. In a successful transaction, only the buyer and seller need to sign, and the arbitrator remains uninvolved. However, if a dispute arises, the arbitrator steps in to help decide on the release of funds. Multi-signature wallets allow for various rule sets, such as 5-of-8 or 3-of-6, depending on the complexity of the needs and the number of users. A single-signature wallet (1-of-1) would defeat the purpose of multi-signature security and fall outside this category. For instance, In a 2-of-3 setup, users might keep Key 1 on their mobile, Key 2 on their laptop, and Key 3 in an offline vault. If a key is compromised or lost, like Key 1 on a lost mobile, access is still possible with Keys 2 and 3. Likewise, if someone gains access to Key 2, they still lack the second required key for transactions, ensuring funds remain secure. To prevent unauthorized access and avoid a single point of failure, it’s essential to store each key on separate devices. Storing all keys on a single device, for instance, would expose the wallet to greater risk and diminish the security advantage multi-signature wallets provide. Multi-Signature Wallet Address Source: FreePik Though the security of a multi-signature wallet is impressive, many users have questions about “addresses”—the destination where funds are sent. To understand how multi-signature wallet addresses work, it’s helpful to explore the following key concepts: In a multi-signature wallet with three keys, each address has its own set of keys: To create the multi-signature wallet’s public address, all three public keys (Public Key 1, Public Key 2, and Public Key 3) are combined. This creates a single, secure public address requiring multiple keys for access, further securing transactions by involving multiple authorizations. Multi-Signature Transaction Signing Process When initiating a transaction from a multi-signature wallet (for example, sending 10 BTC), Address 1 would sign the transaction with its private key (Private Key 1). However, since the wallet requires multiple signatures for security, the transaction isn’t complete with just one signature. Address 1 must share the partially signed transaction with Address 2 and Address 3, and at least one of these addresses must provide a second signature to meet the required number of signatures and complete the transaction. This process ensures that no single key holder can authorize a transaction on their own, enhancing security for the funds in the wallet. Best Multi-Signature wallets Source: An AI-generated image A good cryptocurrency wallet app is very important for everyone. Various multi-signature cryptocurrency wallet apps are available such as: Armory Armory is an open-source desktop Bitcoin wallet. It is the most secure wallet for storing cryptocurrency and it also allows you to generate coins too. It supports a mechanism known as cold storage where all private key data is available only on the offline computer to protect from risk. It uses lockboxes in a Decentralized way while supporting Multi-signature BitGo Wallet The BitGo wallet app employs multi-signature security with a 3-key management system to eliminate single points of failure: This 3-key approach reinforces transaction security