France’s Autorité des Marchés Financiers (AMF) recently issued a warning to French crypto investors regarding Bybit, a popular digital asset trading platform. According to the notice released on May 16, the AMF emphasized that Bybit is not a registered platform in the country. The financial regulator urged retail investors to exercise caution when considering investment proposals from Bybit aimed at residents of France.
Despite being the third-largest crypto exchange by trading volume according to CoinMarketCap data, Bybit has failed to comply with local regulations in France. The AMF highlighted that Bybit was required to register as a digital asset service provider (DASP) under the Monetary and Financial Code, which the platform failed to do. As a result, Bybit has been on the AMF’s blacklist since May 2022 for its non-compliance with regulatory standards. The AMF warned that legal action may be taken against Bybit, potentially leading to the blocking of access to the platform’s website and other measures.
In response to the regulatory crackdown, the AMF advised French investors who have assets on the Bybit platform to take necessary precautions to avoid any disruptions in accessing their digital assets or derivatives. With the possibility of Bybit ceasing operations in France abruptly, investors are urged to consider alternative measures to safeguard their investments. The AMF emphasized the importance of making arrangements in case the platform stops providing services to French residents suddenly.
As of the time of writing, Bybit has not responded to requests for comment from CryptoSlate regarding the AMF’s warning. The lack of communication from Bybit adds uncertainty to the situation, raising concerns among investors who have assets on the platform. Bybit’s silence on the matter leaves investors in limbo, unsure of the implications for their holdings on the platform.
The AMF’s actions against Bybit are part of France’s broader efforts to establish comprehensive regulations for crypto businesses operating within its jurisdiction. These regulatory initiatives aim to protect investors from potential risks associated with the rapidly growing cryptocurrency industry. By cracking down on non-compliant platforms like Bybit, the French authorities are signaling their commitment to ensuring a safe and transparent environment for crypto investments in the country.
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