The French Financial Market Authority (AMF) has issued a warning to Bybit, a prominent crypto exchange, for unauthorized operations in France. The regulatory body has taken measures to block user access to the Bybit website within French territory.
Unauthorized Operations in France
According to the latest statement from the AMF, Bybit is not authorized to provide digital asset services in France. The regulatory framework mandates that digital asset service providers (DASPs) must register with the AMF before offering services to the public, including operating a crypto trading platform.
The AMF emphasizes the importance of compulsory registration for DASPs, citing reasons such as preventing money laundering and terrorist financing, verifying directors’ reputations and competence, and implementing measures to protect retail investors.
Similar Action Against Bitget
This warning comes in the wake of a similar action taken against Bitget, another crypto exchange operating without proper registration as a DASP in France. Bitget has been blacklisted by the AMF for non-compliance with French regulations since November 7, 2023.
Ongoing Regulatory Scrutiny
The AMF’s actions reflect ongoing regulatory scrutiny within the cryptocurrency industry. Previously, Binance’s French subsidiary faced a preliminary investigation for allegedly providing crypto services illegally and failing to comply with anti-money laundering obligations. However, in May 2023, Binance obtained a license as a crypto service provider from the French Financial Market Supervisory Commission.
As regulatory authorities worldwide continue to tighten oversight of the crypto market, exchanges must ensure compliance with local regulations to operate legally and maintain trust among users and authorities alike.
