NewsBriefs - Bybit to cease crypto services in France by January 2025 due to regulatory pressures

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  • Bybit

    Bybit to cease crypto services in France by January 2025 due to regulatory pressures

    Bybit, a leading global crypto exchange, announced it is halting withdrawal and custody services for French users effective January 8, 2025, due to increased regulatory scrutiny from French authorities. Users are urged to withdraw their assets before the deadline. Those with assets above 10 USD Coin will have their holdings transferred to Coinhouse, a licensed crypto custodian in France, after completing a verification process. Bybit will deduct a termination fee equivalent to 10 USDC from accounts with balances under this amount. The initiatives reflect broader legislative moves to tighten control over crypto services.

  • Latest


    • CoinDesk

      Fears of DOJ Bitcoin liquidation overblown despite $92,000 price drop

      The US Department of Justice has been authorized to liquidate 69,370 BTC seized from the Silk Road, valued at $6.5 billion. Despite fears, potential market impacts from this sale may be overestimated as the market has previously absorbed large Bitcoin volumes, and the expected selling process would be executed methodically to fetch optimal prices. Moreover, with the crypto market's resilience demonstrated in past government sales, and considering the recent rise from $60,000 to over $100,000 per Bitcoin, immediate adverse effects are unlikely to be profound.

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    • The Block

      Backpack clarifies its acquisition of FTX EU amid disputes by FTX estate

      Backpack, a crypto exchange founded by former FTX and Alameda Research employees, seeks to clarify its recent acquisition of FTX EU and the responsibilities around distributing customer funds, following disputes and clarifications issued by the FTX bankruptcy estate. The FTX estate disputed the acquisition's approval by the US Bankruptcy Court and backpack's authority to distribute funds to FTX customers. Regulatory approval for the transfer of FTX EU to Backpack was granted by the Cyprus Securities and Exchange Commission.

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    • Cointelegraph

      Microsoft announces $3 billion AI and cloud expansion in India

      Microsoft is investing $3 billion to enhance its artificial intelligence and cloud capabilities in India, including the establishment of new data centers and AI training for 500,000 individuals. The plan, revealed by CEO Satya Nadella, includes partnerships with INDIAai and strategical ties with major industry players to boost AI innovation and training across the country.

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    • Standard Chartered

      Standard Chartered opens new crypto custody service in Luxembourg

      Standard Chartered has launched a new entity in Luxembourg to provide crypto and digital asset custody services to European Union clients, following the implementation of the Markets in Crypto Assets (MiCA) Regulation. This strategic move is part of the bank's broader global digital asset strategy and follows its recent expansion into the United Arab Emirates. The Luxembourg entity, led by newly appointed CEO Laurent Marochini, aims to meet the increasing demand for digital asset services within the EU's well-regulated and financially stable environment.

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    • Hand-Picked

      El Salvador continues Bitcoin buying spree, adds $1 million to strategic reserves

      El Salvador has purchased an additional 11 BTC, valued at approximately $1 million, for its strategic reserves amid its continuing Bitcoin buying spree. The purchase marks the country's third $1 million Bitcoin acquisition since reaching a $1.4 billion agreement with the International Monetary Fund, which requires fiscal consolidation and a reduction in Bitcoin's role in the economy. The country now holds 6,022 BTC, worth $572 million at current prices.

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    • Bullish

      CoinDesk's owner secures crypto trading and custody licenses in Germany, plans EU expansion

      Bullish DE Custody GmbH, part of Bullish Group, obtained licenses for crypto asset trading and custody from the German Federal Financial Supervisory Authority (BaFin). This regulatory approval positions Bullish DE for expansion across the European Economic Area under the MiCA framework. Concurrently, Marco Bodewein was appointed as Managing Director of Bullish DE, enhancing the company's leadership with his extensive experience in financial services and digital asset management.

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    • The Block

      Bitfinex relocates derivatives operations to El Salvador after securing DASP license

      Bitfinex Derivatives has relocated its operations to El Salvador, having obtained a Digital Asset Service Provider license. This move enables Bitfinex to implement innovative trading solutions and extend crypto services within the region's evolving digital economy. Users must accept new terms of service to access the derivatives services now managed by Bitfinex Derivatives El Salvador S.A. de C.V.

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    • The Block

      SoSoValue secures $15 million Series A funding at $200 million valuation

      Crypto market data provider SoSoValue raised $15 million in a Series A round, co-led by HongShan and SmallSpark.ai, reaching a $200 million valuation. The funding, completed via a simple agreement for future equity (SAFE) with a token warrant, marks a 300% valuation increase from its post-seed valuation. Besides financing, SoSoValue launched a crypto indices protocol and four wrapped tokens on the Ethereum Layer 2 network, Base, offering diverse exposures such as MAG7.SSI and MEME.SSI.

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    • The Block

      South Korea plans to lift ban on institutional crypto trading, reports FSC

      South Korea, through the Financial Services Commission (FSC), intends to lift restrictions allowing local institutions to trade cryptocurrencies. The FSC aims to enable institutional investors to access crypto exchanges and is collaborating with the Digital Asset Committee to implement these changes, starting with non-profit organizations. This shift aligns with President Yoon Suk-yeol's efforts to encourage the local crypto sector and establish a regulatory framework for stablecoins, token listings, and crypto exchanges.

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    • Orange Finance

      Arbitrum's Orange Finance hacked, approximately $787,000 in crypto assets stolen

      Orange Finance confirmed a security breach where a hacker accessed its administrative controls and upgraded smart contracts. PeckShieldAlert reported that the hacker transferred about $787,000 in crypto to an external wallet. The attackers manipulated the platform’s code to execute the unauthorized transfers. Orange Finance advises users to cease all contract interactions and revoke any permissions while they investigate and address the security incident.

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    • CoinDesk

      Bitcoin drops below $93K amid global sell-off; potential short-term recovery predicted

      Bitcoin erased its gains from early 2025, diving to $92,600 amid broader financial instability and a selloff in crypto markets, but is slightly recovering. Other cryptocurrencies like ADA, RNDR, and APT also faced significant losses. The market downturn triggered nearly $1 billion in liquidations of leveraged positions, primarily affecting those betting on rising prices. Factors contributing to the market's volatility include strong US economic data and warnings of persistent macroeconomic headwinds affecting risk assets including potential interest rate adjustments and upcoming government policies.

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    • Gelephu Mindfulness City

      Bhutan’s Gelephu Mindfulness City integrates Bitcoin, Ether, and BNB into its strategic reserves

      Gelephu Mindfulness City (GMC) in Bhutan has become one of the first Special Administrative Regions to include major digital assets like Bitcoin, Ether, and BNB in its strategic reserves. This move aims to enhance GMC's economic resilience and is aligned with its focus on blockchain technology and technological innovation. The decision to recognize these crypto tokens as part of GMC's reserves follows the enactment of GMC Law No. 1 of 2024, promoting a regulated yet progressive digital asset ecosystem.

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    • Cointelegraph

      Fidelity predicts nation-state Bitcoin reserves to spur crypto growth in 2025

      Fidelity Digital Assets predicts a significant growth in the crypto market by 2025, driven by more nation-states, central banks, and sovereign wealth funds establishing strategic Bitcoin reserves. The firm highlighted the successful experiences of Bhutan and El Salvador and noted the risks nations face by not allocating to Bitcoin. Fidelity's report also indicates a potential secret accumulation of Bitcoin by nation-states and forecasts an expansion in structured digital asset products and tokenization.

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    • The Block

      Sol Strategies secures $25 million credit line for SOL token investments and staking

      Sol Strategies, now focusing solely on the Solana ecosystem, has secured a $25 million unsecured credit facility to invest in SOL tokens and enhance its staking operations. This strategic funding, bearing a 5% annual interest, marks a significant shift in the firm's investment direction, previously known as Cypherpunk Holdings. With this move, Sol Strategies aims to become a major player within the Solana ecosystem, leveraging large-scale purchases and its substantial staking of over 1.5 million SOL tokens (worth approximately CAD$450 million).

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    • CoinDesk

      Bitcoin’s correlation with stocks resurfaces

      Bitcoin’s correlation with the S&P 500 has climbed back to 0.88, indicating a renewed alignment between the two markets. This marks a shift from Bitcoin’s recent outperformance, where it rose 47% since Donald Trump’s election, compared to the S&P 500's modest 4% gain. Analysts attribute the reemerging correlation to macroeconomic factors, including the Federal Reserve’s revised rate cut projections and a stronger US dollar, which continue to weigh on both crypto and traditional markets. Despite strong on-chain support for Bitcoin, its movement is increasingly influenced by broader market trends, suggesting potential short-term risks ahead.

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