Bybit, one of the world’s leading cryptocurrency platforms, continues its impressive global expansion. Established in 2018, Bybit has grown rapidly, currently serving more than 40 million users. In its latest initiative, the exchange has updated the products offered in Turkey.
As of September 2, Bybit’s Turkish customers can buy Ethereum, Tether, and Bitcoin using their local currency. This expansion is likely to increase Bybit’s popularity, especially given the Turkish market’s growing interest in digital assets. However, while Turkish customers have reason to celebrate these new offers, the situation is not so positive for customers in other parts of the world, notably France.
The French Challenge
In fact, Bybit’s innovation in Turkey differs significantly from the difficulties it faces in France, where services were recently canceled. Since August 2, Bybit’s French clients have seen their accounts limited to a “shutdown mode”. This suspension was attributed to the broker’s difficulty in acquiring the necessary licenses to comply with the new regulatory requirements established in the country.
These new requirements arose from the reinforcement of the regulations established by the Cryptoassets Market (MiCA). As of June 30, 2024, cryptocurrency service providers operating in France had to comply with stricter Know Your Customer (KYC) requirements. This makes it more difficult for platforms like Bybit to operate in the country as it requires an adjustment to their privacy policy.
The Impact of MiCA
The French challenge raises significant questions about the future of the cryptocurrency market in Europe. Will new regulatory developments lead to cryptocurrency service providers leaving the bloc, thus hampering its growth?
Although it may be too early to form a definitive opinion, Bybit’s reaction illustrates the crypto market’s tendency to approach stricter regulations with caution.
However, regardless of these difficulties, Bybit has remained optimistic about its possible return to France. The announcement of the suspension of service also reassured customers of the intention to return “soon, as soon as the appropriate licenses are obtained.”
This suggests that although the regulatory challenges are significant, they are not impossible to overcome. French customers will soon be able to regain the ability to buy and trade more than 650 coins on the platform. Customers in Portugal, for example, already have access to several options, such as USDT, ADA, AVAX, ATOM, and LTC.
Between the Need for Growth and Compliance
Bybit’s current challenges and innovations exemplify the balance that cryptocurrency service providers must achieve in order to remain competitive worldwide. On the one hand, its investment in the Turkish market represents its capacity for innovation. On the other hand, the challenges that led to its suspension in France illustrate the power of regulations to slow down a company’s growth in certain regions.
BTCC
- More than 12 years in the trading market
- Interface for beginners and professionals
- Copy trading function
