French Regulator Alerts Investors on Bybit’s Unauthorized Services

Last Updated on May 17, 2024

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Bybit company logo on a website with blurry stock market developments in the background. Source: Dennis - stock.adobe.com

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 AutoritĂ© des MarchĂ©s 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 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].”

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.

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.

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