Bybit is a well-known cryptocurrency exchange that has just announced its exit from the French market following regulatory warnings from the Autorité des Marchés Financiers (AMF). This decision has caused unexpected instability in the context of bitcoin trading in France, prompting traders and investors to seek alternate platforms.
Here are some details on the implications of Bybit’s departure and introduction of BTCC as a viable alternative for French users.
Bybit Exits France Due To Regulatory Hurdles
Cryptocurrency exchange Bybit has announced that it will discontinue its services and products in France due to recent regulatory developments from the French regulator, the Autorité des Marchés Financiers (AMF).
The AMF had previously blacklisted Bybit and warned French investors that the exchange was operating in the country without authorization. Under French law, digital asset service providers (DASPs) must register with the AMF before offering crypto-related services. Obtaining a license became harder in France after regulatory changes in August 2023.
Furthermore, Bybit’s exit also coincides with the impending implementation of the Markets in Crypto-Assets (MiCA) regulations in the European Union, which aim to standardize crypto rules across member states.
Effective August 2, Bybit restricted all French accounts to “Close-Only” mode, preventing users from opening new positions, purchasing products, or making deposits. On August 13, Bybit liquidated all remaining open positions and suspended all card services. After this date, users will only be able to withdraw their assets and funds.
Despite the exit, Bybit expressed hope for a future return to the French market once it secures the necessary licenses. The exchange stated,
“We look forward to serving you again in the near future once the appropriate licenses allowing us to do so have been secured.”
What Alternative Do French Crypto Traders Have Now That Bybit Is Exiting?
With Bybit’s departure, French traders must consider other options for cryptocurrency trading. The need for a reliable and compliant exchange is a must, especially considering increasing regulatory oversight. Traders require platforms that not only offer a wide range of trading pairs but also ensure the safety of their investments through robust security measures and regulatory compliance.
BTCC: A Reliable Alternative
One of the most promising alternatives to Bybit traders can be considered is BTCC. BTCC is a cryptocurrency exchange with a long-standing reputation in the industry now. Founded in 2011, BTCC boasts over 13 years of operational history, making it one of the oldest exchanges in the market. Its extensive experience provides users with confidence in its stability and reliability.
Key Features of BTCC
Focus on Futures Trading: BTCC specializes in futures trading, offering a variety of products that cater to different trading strategies. Currently, it provides up to 500x leverage on popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and Solana (SOL) through USDT-margined futures pairs—this offering is available for a limited time only.
Diverse Trading Options: The platform features over 300 futures trading pairs, allowing users to diversify their portfolios effectively. With leverage options reaching up to 250x on certain pairs, traders can maximize their potential returns while managing risk.
User-Friendly Interface: BTCC prioritizes user experience by providing an intuitive interface available in both app and web formats. Notably, the platform supports the French language, making it accessible for local users who prefer navigating in their native tongue.
Regulatory Compliance: BTCC is committed to adhering to local regulations and ensuring a secure trading environment for its users. This focus on compliance is crucial for French traders seeking peace of mind amid increasing regulatory scrutiny.
Community Engagement: BTCC actively participates in industry events such as Paris Blockchain Week 2024, demonstrating its commitment to fostering community engagement and staying at the forefront of blockchain innovation.
How Crypto Traders Can Use BTCC In France?
For French traders looking to transition from Bybit to BTCC, the process is straightforward:
Step 1: Account Registration
Users can easily create an account on BTCC by providing the necessary information and completing identity verification as required by local regulations.
Step 2: Depositing Funds
Once registered, users can deposit funds into their accounts using various payment methods supported by BTCC. This flexibility allows traders to fund their accounts conveniently.
Step 3: Trading Experience
Users can execute trades according to their strategies with access to a wide range of futures trading pairs and competitive leverage options. The platform’s user-friendly design ensures that novice and experienced traders can navigate seamlessly.
Step 4: Educational Resources
BTCC offers educational materials and resources for traders looking to enhance their skills and knowledge about futures trading. This support is invaluable for those new to the market or looking to refine their strategies.
Step 5: Customer Support
The platform provides customer support services in multiple languages, including French, ensuring that users can receive assistance whenever needed.
How Does BTCC Compare To Bybit In Terms Of Features & Services?
- Leverage and Margin Trading
Both BTCC and Bybit provide considerable leverage, which appeals to traders trying to maximize their prospective gains. BTCC provides up to 500x leverage on major cryptos and up to 50x leverage on 300+ coins for futures trading, allowing traders to rapidly increase their stakes. The website offers over 300 futures trading pairings, including prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others.
Bybit, on the other hand, often provides up to 100 times leverage on its perpetual contracts. It is noted for its broad liquidity and diverse range of order types, which may be beneficial for experienced traders looking for flexibility in their trading tactics.
- Supported Cryptocurrencies
BTCC has a slight edge regarding the number of coins supported, offering a diverse range of trading pairs that cater to various investor interests. Bybit also supports a broad selection of cryptocurrencies but is particularly recognized for its focus on derivatives and futures contracts, making it a preferred choice for traders interested in these products.
- Security Measures
BTCC uses a combination of cold and hot wallets to safeguard user funds, with most assets stored in cold storage. The platform also utilizes two-factor authentication (2FA) and conducts regular security audits to enhance user account protection. However, Bybit similarly prioritizes security with its use of cold storage for the majority of user funds, along with 2FA and advanced encryption techniques.
What’s Next with BTCC?
As Bybit exits the French market due to regulatory challenges, traders must adapt by exploring alternative exchanges that offer reliable services while complying with local laws. BTCC emerges as a strong contender with its extensive operational history, focus on futures trading, user-friendly interface, and commitment to regulatory compliance. BTCC stands out with its higher leverage options on futures trading, a broader selection of supported cryptocurrencies, and a long history of secure operations since 2011.
Source: https://coinpedia.org/guest-post/alternative-crypto-exchange-after-bybit-exits-france/