Bybit, a prominent cryptocurrency exchange, has announced its decision to cease operations in France due to recent regulatory developments. Effective August 2, 2024, Bybit will restrict all accounts held by French residents to a “Close-Only” mode, preventing new positions from being opened or new funds from being deposited. This move comes in response to the Autorité des Marchés Financiers (AMF), France’s financial regulator, which has been tightening its oversight of cryptocurrency platforms.
The AMF had previously blacklisted Bybit in 2022, citing the exchange’s failure to register as a Digital Asset Services Provider (DASP). This blacklisting has now culminated in Bybit’s decision to exit the French market. The exchange has instructed its French users to close all open positions and withdraw their assets by August 13, 2024, after which any remaining positions will be automatically liquidated.
Bybit’s departure from France highlights the increasing regulatory scrutiny faced by cryptocurrency exchanges in Europe. The AMF’s actions are part of a broader effort to curb illicit activities such as money laundering and to protect retail investors. Bybit has expressed its intention to return to the French market once it secures the necessary regulatory licenses.
This development is a significant blow to Bybit, which had recently surpassed Coinbase to become the world’s second-largest exchange by trading volume. The exchange’s exit from France underscores the challenges that cryptocurrency platforms face in navigating complex regulatory environments. As the industry continues to evolve, exchanges like Bybit will need to adapt to ensure compliance and maintain their market positions.
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BITCOIN WILL HIT $160K THIS YEAR ON THIS ONE CONDITION, SAYS CELSIUS NETWORK CEO!!!!
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The co-founder and CEO of blockchain platform Celsius Network says that Bitcoin could hit a new record high this year if one condition is fulfilled.
Alex Mashinsky says that he still believes Bitcoin could hit a price of at least $140,000 over the coming months despite the flagship cryptocurrency momentarily crashing from nearly $53,000 to below $43,000 earlier this week.
“I am still holding my projections that we will be hitting the $140,000 to $160,000 levels. It might take us into Q1 [first quarter] of next year because of this kind of flash crash and clean-up we have seen with the Chinese miners. But it’s definitely going higher.”
In other trending Bitcoin News today: EL Salvador’s Historical Adoption Could Send Bitcoin Past $100,000!
One of the most important events in the history of bitcoin has taken place, with a nation making bitcoin legal tender.
Head of Standard Chartered’s new bitcoin and crypto research unit, Geoffrey Kendrick, told clients in a note on Tuesday:
“As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world” and “cyclically, we expect a peak around $100,000 in late 2021 or early 2022.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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XRP PRICE COULD GO DOWN TO XRP PRICE COULD GO DOWN TO $0 BY NEXT FEBRUARY!!! | Bitcoin Recovers Above $7,500 | BTC News Today BY NEXT FEBRUARY | Bitcoin Recovers Above ,500
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http://trade.cryptonewsalerts.netA model on XRP price development predicts that the ‘Crypto-asset’ will go to ZERO by next February.
Ripple XRP has underperformed, and plotting a linear regression predicts more crashes to a lower price range.
XRP is one of the assets that has remained stagnant in 2019 and unraveled further in the past month.
Popular Crypto analyst Alex Kruger shared on CryptoTwitter:
“Regressing $XRP against time starting Jan/1/2018 using a linear regression forecasts price to hit zero next February. Perspective”
There is no telling if Ripple’s token would behave according to the linear regression model.
But the asset has lost credibility, and there are no forces to lift the price.
During the recent price drop, XRP fell way below the $0.25 mark that was seen as a bounce area and slid as low as $0.21 before bouncing a cent.
The XRP market also saw a trading anomaly this Monday, with volumes exceeding $9 billion, with no clear explanation.
But the rally did not manage to lift the XRP price. In other BTC News today, the Crypto markets turn green and the Bitcoin price recovers above $7,500.
Crypto markets continue to improve, with the Bitcoin (BTC) showing signs of recovery.
Bitcoin started the day at $7,190, at which point the world’s largest Cryptocurrency coin found an intra-day low of $6,900 before moving up again to its current trading price near $7,540.
After a rollercoaster 24 hours, the BTC price is showing an impressive gain of more than 5% for the day.
Could Bitcoin’s next target be $8,100?
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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What caused 2018 #bitcoin bear market? CME futures, MtGox curator selling, ICO crack down, Bitmain troubles? Nobody knows.
What I do know is: 2017 ATH was out of S2F model prediction bands, and 2018-2019 prices were perfectly within S2F model band. Looking forward to 2020-2021. pic.twitter.com/yPuArI1uOT
— PlanB (@100trillionUSD) November 27, 2019
WTF is with #XRP‘s volume?? O_O It’s nearly 70% of it’s market cap right now and yet the price is plummeting??
Something SERIOUSLY fishy is going on right now.
— Jayed: The XRP Martian (@JayedMartian) November 25, 2019
What caused 2018 #bitcoin bear market? CME futures, MtGox curator selling, ICO crack down, Bitmain troubles? Nobody knows.
What I do know is: 2017 ATH was out of S2F model prediction bands, and 2018-2019 prices were perfectly within S2F model band. Looking forward to 2020-2021. pic.twitter.com/yPuArI1uOT
— PlanB (@100trillionUSD) November 27, 2019
https://cointelegraph.com/news/crypto-markets-are-turning-green-bitcoin-recovers-above-7-500
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RUSSIA PROPOSES BITCOIN BAN, OFFENDERS FACE 7 YEARS IN JAIL!!! | BTC News Today
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Russian lawmakers have proposed new laws that seek to ban the use of Bitcoin and other cryptocurrencies in the country, local media reported.
According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions.
People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks.
If signed into law, the bills will punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.
Furthermore, “for violation of the rules for transactions with cryptocurrencies, if they are used as payment for goods or services,” companies would have to pay the equivalent of one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800).
The draft bills were lodged with Russia’s Ministry of Economic Development earlier this week, says a report published by local news company RBC on May 21.
One of the proposed laws plans to completely stop digital assets from being used as a means of payment by citizens or corporations. People that already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.
Another bill proposes to add new sections to the country’s criminal law for illegal operations with cryptocurrencies. Companies that issue or circulate digital financial assets “using sites registered in Russia or technical equipment located in Russia” are especially liable under this second draft proposal.
Penalties may be compounded for both individuals and firms “if major or especially large damage was caused to citizens, organizations or the state, or if these actions led to enrichment on a large or especially large scale.”
Local lawyers fear that if these laws are enforced, they will paralyze the Russian cryptocurrency industry. Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner and a teacher at Moscow Digital School, told RBC:
“People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force or risk ‘going underground.’ Goals that will be achieved this way are the direct opposite of what’s being declared. In general, the idea of dropping a crypto ‘Iron Curtain,’ in my opinion, does not contribute to the development of businesses or Russia’s interaction with the world economy on a digital level.”
In other trending Bitcoin News today:
Chorus of Crypto Analysts Predict the Start of Altseason As Bitcoin Consolidates Around $9,000
As Bitcoin bulls and bears slug it out around the $9,000 price area, a handful of widely-followed analysts say they believe that an altcoin season may be on the horizon.
In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that while he’s been bearish on altcoins since the fourth quarter of 2019, he is now changing his stance.
“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://news.bitcoin.com/russia-law-criminalizes-buying-bitcoin-7-years-jail/
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