The French securities regulator, the Autorité des Marchés Financiers (AMF), has once again cautioned cryptocurrency investors about the blacklisted status of Bybit in the country.
In a notice issued on May 16, the AMF reminded the French public that Bybit is an unregistered cryptocurrency platform that operates unlawfully in France, providing digital asset services on behalf of third parties. The regulator emphasized its authority to block Bybit’s website for engaging in illegal activities in France.
The AMF stated, “Unregistered platforms offering these services in France are in violation of French law. BYBIT is not registered as a digital asset service provider.”
According to the AMF, Bybit has been on the blacklist since May 2022 due to its failure to comply with current French regulations. Other cryptocurrency-related platforms that have previously been blacklisted include 24cryptoforextrading.net and cryptoneyx.io. However, the regulator has granted registration approval to Gemini, Coinbase, and Circle.
Bybit has also faced regulatory warnings from Hong Kong’s Securities and Futures Commission in March, which highlighted its status as an unregistered crypto trading platform. In response to increased scrutiny, Bybit exited the Canadian and UK markets in 2023. Nevertheless, the exchange has continued its global expansion by launching a regulated crypto trading platform in the Netherlands and Kazakhstan.
Established in 2018, Bybit is currently one of the largest cryptocurrency exchanges in the world. As of February 27, the platform reported a trading volume exceeding $71 billion.
Source: AMF
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