French Regulator Warns of Bybit’s ‘Illegal’ Services
The Autorité des Marchés Financiers (AMF), France’s securities regulator, has once again cautioned crypto investors about the status of Bybit in the country. On May 16, the AMF issued a notice to remind the French public that Bybit is not a registered cryptocurrency exchange and is therefore operating illegally. The regulator emphasized that Bybit offers digital asset services on behalf of third parties without the necessary authorization.
According to the AMF, any platforms providing digital asset services without registration are considered illegal under French law. Bybit, specifically, has not been registered as a digital asset service provider in France. The AMF highlighted that it has the power to block access to Bybit’s website if it continues offering services in France unlawfully.
Bybit has been on the AMF’s blacklist since May 2022, due to its non-compliance with French regulations. The list includes platforms that fail to meet current legal requirements for operation in France. Other cryptocurrency-related platforms, such as 24cryptoforextrading.net and cryptoneyx.io, had previously made the blacklist, whereas platforms like Gemini, Coinbase, and Circle have successfully registered with the AMF.
This issue is not unique to France. Hong Kong’s Securities and Futures Commission issued a similar warning in March, also labeling Bybit as an unregistered crypto trading platform. These regulatory actions have significant implications for Bybit’s operations.
Faced with heightened regulatory scrutiny, Bybit has decided to exit the Canadian and UK markets in 2023. This strategic move reflects its response to the challenges posed by stricter regulatory environments in these regions. This has not deterred its global ambitions.
Despite the setbacks, Bybit continues to seek opportunities to expand its services. The exchange has launched regulated crypto trading platforms in the Netherlands and Kazakhstan, indicating its commitment to adhering to local regulations in new markets. This expansion speaks to Bybit’s strategy to navigate varying regulatory landscapes globally.
Founded in 2018, Bybit has rapidly grown to become one of the largest cryptocurrency exchanges in the world. The platform reported a trading volume exceeding $71 billion as of February 27, 2023, underscoring its significant presence in the crypto market despite regulatory challenges.
The AMF’s persistent warnings and Bybit’s compliance issues highlight the complexities and challenges that cryptocurrency exchanges face as they aim to operate on a global scale while adhering to diverse regulatory requirements.
11 thoughts on “French Regulator Warns of Bybit’s ‘Illegal’ Services”
Leave a Reply
You must be logged in to post a comment.
Too many red flags with Bybit lately. They need to stop expanding to new markets and fix the compliance issues already.
Another day, another regulatory issue for Bybit. This is getting exhausting. Seriously considering pulling my funds.
Good move by AMF! It’s important for investors to know which platforms are safe to use.
Bybit should definitely sort out their registration issues. Transparency in the crypto space is key. Great job AMF!
Thanks, AMF, for keeping us aware of these issues. Bybit needs to tighten their regulatory compliance.
Props to the AMF for their ongoing efforts! Protecting investors should always be a priority.
Seeing Bybit’s name on multiple blacklists does NOT inspire confidence. I’m out.
Kudos to the AMF! Encouraging proper regulations will make the crypto world a safer place. 🌟📢
Impressive vigilance from the AMF. Regulatory compliance is essential for the crypto industry’s growth.
Regulatory compliance shouldn’t be this hard. Bybit’s refusal to comply is just plain irresponsible.
Bybit’s situation is a wake-up call for all crypto platforms. Compliance first! The AMF is doing a fantastic job protecting us.