The Future of Crypto Exchanges Is Starting to Shift From Global to Local

[Cryptoababe]

Exchanges are now leaving different countries due to various kinds of regulations. First, OKX exited Nigeria a few months back. Now, Bybit is exiting the French market.

I've been wondering how the users of these exchanges will feel after seeing this news, especially those who made these exchanges their number one priority.

I think a time will come when people from different countries will start to use different kinds of crypto exchanges, and some exchanges' names won't even be noticed in certain regions. What's your opinion on this? And what kind of exchange can you recommend for French users?

[_act_]

Not that there will come a time that people will not know the crypto exchanges from a country because the time has been existing since many years ago. I can name some exchanges that you may not know but that are common in my country. I still prefer to use the world recognized exchanges instead because either the local exchanges do not have good rate or some exchanges are just scam.

And what kind of exchange can you recommend for French users?

Binance and Coinbase are good. I saw that Kucoin is also accessible to French users.

[Altcoiner007]

Exchanges are now leaving different countries due to various kinds of regulations. First, OKX exited Nigeria a few months back. Now, Bybit is exiting the French market.

I've been wondering how the users of these exchanges will feel after seeing this news, especially those who made these exchanges their number one priority.

I think a time will come when people from different countries will start to use different kinds of crypto exchanges, and some exchanges' names won't even be noticed in certain regions. What's your opinion on this? And what kind of exchange can you recommend for French users?

The European Union, including France, is enforcing the Markets in Crypto Asset (MiCA) regime, which requires firms to be registered with an EU nation and hold a Crypto Asset Service Provider license to offer services across Europe. Bybit's lack of compliance with these regulations led to its exit from the French market. While I understand how difficult it could be for investors to close their positions and try to pull out their funds, Exchanges like Bitget are showing support for the affected users of Bybit, with events exclusive to the French community. https://www.bitget.com/fr/support/articles/12560603813496
It's high time exchanges who want to provide their services in different regions start complying with these regulations in order to stay in business. Investors will always find better alternatives in faces of challenges like these.

[Darker45]

I've also noticed this in the past few years. Homegrown exchanges have been coming out in various countries worldwide, even in my own country where regulators have yet to thoroughly understand crypto itself. The crypto market has grown popular. Local developers must have taken notice of this and probably found it worth a try competing against global brands.

I think this is a positive development especially in terms of consumer protection, data privacy, and government revenue. Binance has been dominating the global playing field for quite some time without even seeking registration and paying taxes in countries where they operate. Users who have complaints don't know where to go as well because they don't have local offices, not even an address in their early years.

[Solosanz]

I can't recommend CEX in France because I'm not a French.

However the reason why many countries enforcing their citizen to use local exchanges over global exchanges because it will make them easier to control their citizen and collect taxes.

Probably in near future the government will declare using centralized exchanges outside from local exchanges are illegal and people who use global exchanges treated like a criminal.

[Phoenixtrader]

I can't recommend CEX in France because I'm not a French.

However the reason why many countries enforcing their citizen to use local exchanges over global exchanges because it will make them easier to control their citizen and collect taxes.

Probably in near future the government will declare using centralized exchanges outside from local exchanges are illegal and people who use global exchanges treated like a criminal.

For France, I think Bybit pulled out due to strict local laws. I would have thought they would try to negotiate their way out because of their users. I agree with you, though, that despite regulations in some countries, some exchanges are striving to meet requirements and operate legally. For instance, in India, I saw a news article on CoinTelegraph about Bitget trying to obtain an Indian license, and they're also operational in France. That should give affected users more options, in my opinion. I'll also suggest that governments make these laws less stringent in the future.