Recently, France’s Autorité des Marchés Financiers (AMF) issued a warning to French crypto investors regarding Bybit, a popular digital asset trading platform. The AMF stated that Bybit is not a registered platform in the country and advised retail investors to be cautious when considering investment proposals from the platform.
Bybit, launched in 2017, is currently the third-largest crypto exchange by trading volume. Despite its popularity, the platform has failed to comply with local regulations in France. The AMF pointed out that Bybit was required to register as a digital asset service provider (DASP) under the Monetary and Financial Code but had failed to do so. As a result, Bybit has been on the AMF’s blacklist since May 20, 2022.
Due to Bybit’s lack of registration and compliance with regulatory standards, the AMF has indicated that it may pursue legal action against the platform. This action could involve blocking access to Bybit’s website and implementing other measures. Investors are urged to consider alternative measures to protect their assets, as the platform may face sudden cessation of operations in France.
The AMF emphasized the importance of French retail investors taking necessary precautions to ensure access to their assets in the event that Bybit stops providing services in France. The regulatory authority is committed to safeguarding investors and preventing potential risks associated with the rapidly growing crypto industry.
As of now, Bybit has not responded to requests for comment on the situation. The regulatory action taken against Bybit aligns with France’s broader efforts to establish comprehensive regulations for crypto businesses operating within the country. These efforts demonstrate France’s dedication to protecting investors and ensuring a secure environment for the crypto industry.
French crypto investors should be aware of the AMF’s warning regarding Bybit and take necessary precautions to safeguard their assets. Bybit’s regulatory compliance issues highlight the importance of adhering to local regulations and the potential consequences of non-compliance. As the crypto industry continues to evolve, regulatory authorities play a crucial role in maintaining investor protection and market integrity.