Key Takeaways:
- The AMF reiterated its warning about Bybit’s illegal operations in France, emphasizing its power to block the platform’s website.
- Bybit has been blacklisted in France since May 2022 for non-compliance with local regulations.
- While Bybit faces global regulatory scrutiny, other platforms like Gemini, Coinbase, and Circle are approved by the AMF.
The Autorité des Marchés Financiers (AMF), France’s securities regulator, has reiterated a warning to crypto investors regarding Bybit’s operations in the country.
In a notice dated May 16, the AMF reminded the public that Bybit, an unregistered crypto platform, has been operating illegally in France by offering digital asset services on behalf of third parties.
The French Financial Market Authority (AMF) recently reminded investors to remain highly vigilant about Bybit, the third largest offshore exchange. The AMF stated that BYBIT is not approved to provide digital asset services in France and may take legal action to block the…
— Wu Blockchain (@WuBlockchain) May 16, 2024
The regulator emphasized its authority to block Bybit’s website due to its unauthorized activities in the country.
“Unregistered platforms providing these services in France are illegal under French law,” stated the AMF. “ByBitis not registered as a [digital asset service provider].”
⚠️Nous rappelons que la plateforme de #trading de #cryptoactifs BYBIT est inscrite sur liste noire : elle n’est pas autorisée à fournir des services sur actifs numériques en France.
— AMF (@AMF_actu) May 16, 2024
L’AMF se réserve la possibilité de demander en justice le blocage du site➡️https://t.co/ZadhiUCLgH pic.twitter.com/lID1LC0LQs
Bybit has been blacklisted by the AMF since May 2022 for “non-compliance with current French regulations.”
Other crypto platforms previously blacklisted include 24cryptoforextrading.net and cryptoneyx.io.
However, the AMF has approved the registrations of platforms such as Gemini, Coinbase, and Circle.
🚨 BIG BREAKING 🚨
— Budhil Vyas (@BudhilVyas) May 16, 2024
Bybit has been blacklisted by the French regulator AMF, potentially leading to a shutdown in France
Investors should be ready for a sudden halt in #Bybit's operations pic.twitter.com/UcNdzhsAQr
Similar regulatory actions have been observed globally. In March, Hong Kong’s Securities and Futures Commission issued a warning about Bybit as an unregistered crypto trading platform.
Facing regulatory scrutiny, Bybit exited the Canadian and U.K. markets in 2023 but continued to expand globally, launching regulated trading platforms in the Netherlands and Kazakhstan.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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