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 We kindly ask that you ensure all assets are withdrawn before this date,” the exchange wrote.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.
