- AMF has blacklisted Bybit from May 2022 due to regulatory violations.
- French investors were urged to prepare for possible service disruption.
- Apart from France, Bybit is facing global scrutiny and has already exited Canada and the UK.
The French securities regulator, Autorité des Marchés Financiers (AMF) has issued a fresh warning notice to investors regarding cryptocurrency exchange Bybit.
The warning stems from Bybit’s non-compliance with French regulations, specifically its failure to register as a digital asset service provider (DASP), making its operations illegal in France.
Bybit’s sudden exit from France possible
Investors are urged to exercise caution and prepare for a possible sudden termination of Bybit’s services in France.
The AMF emphasizes that it reserves the right in accordance with the Monetary and Financial Code to take legal action, including blocking Bybit’s website.
Additionally, retail investors are advised to take preemptive measures to ensure continued access to their assets if the platform becomes inaccessible.
This cautious stance mirrors similar regulatory actions taken against Bybit globally. In March, Hong Kong’s Securities and Futures Commission (SFC) classified Bybit as an unlicensed exchange and added it to its list of suspicious platforms. The SFC’s move reflects concerns regarding Bybit’s lack of compliance with licensing requirements.
Bybit’s regulatory problems
Although Bybit has applied for licenses in countries like Hong Kong Its history of regulatory challenges extends beyond France. last year, exchange Both withdrew from Canada and the United Kingdom, citing regulatory pressures. These exits highlight the significant regulatory hurdles facing Bybit in various jurisdictions.
For French investors, the AMF’s warning serves as an important reminder to prioritize regulatory compliance and due diligence when engaging. cryptocurrency exchange,
Bybit’s illegal operations in France raise concerns about investor protection, highlighting the importance of adhering to the regulatory framework.
In light of these developments, French investors are advised to exercise caution and consider alternative platforms that comply with local regulations.
Additionally, staying informed about regulatory updates and heeding warnings from financial authorities can help reduce the risks associated with unlicensed cryptocurrency exchanges like Bybit.
Want personalized crypto trades? DM me! 👉@bigbullcrypto_org
