Cryptocurrencies

France’s securities regulator, Autorité des Marchés Financiers, reiterated

France’s securities regulator, Autorité des Marchés Financiers (AMF), has reiterated its warning to cryptocurrency investors about Bybit being blacklisted in the country.

In a notice dated May 16, the AMF reminded the French public that Bybit is an unregistered cryptocurrency platform operating illegally in the country, providing digital asset services on behalf of third parties. The regulator warned that it has the power to block the Bybit website “which provides its services illegally in France.”

“Unregistered platforms offering these services in France are illegal under French law,” the AMF said. “BYBIT is not registered as a (digital asset service provider).”

source: Arab Monetary Fund

According to the Arab Monetary Fund, Bybit has been blacklisted since May 2022 “for non-compliance with current French regulations.” Other cryptocurrency-related platforms that were previously blacklisted were 24cryptoforextrading.net and cryptoneyx.io, but the regulator approved the registration of Gemini, Coinbase and Circle.

Related: Cryptocurrencies are the second most popular investment asset in France: survey

The Hong Kong Securities and Futures Commission issued a similar warning in March regarding Bybit as an unregistered cryptocurrency trading platform. In response to regulatory scrutiny, Bybit left the Canadian and UK markets in 2023. The exchange has continued to expand its services globally, launching a regulated cryptocurrency trading platform in the Netherlands and Kazakhstan.

Founded in 2018, Bybit is one of the largest cryptocurrency exchanges in the world. On February 27, the platform announced a trading volume of more than $71 billion.

magazine: SEC, Ripple case comes to a close, Grayscale withdraws ETF filing, and more: Hodler’s Digest, May 5-11

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