French Regulator Reissues Warning on Crypto Platform Bybit's Unlawful Operations
Summary:
France's financial regulator, the Autorité des Marchés Financiers (AMF), has issued a second warning against Bybit, an unregistered cryptocurrency platform operating illegally in the country. Bybit, blacklisted since May 2022 for non-compliance, continues to expand globally despite regulatory scrutiny, with recent launches in the Netherlands and Kazakhstan. Meanwhile, other crypto platforms such as Gemini, Coinbase, and Circle have received AMF's approval.
The French financial markets authority, Autorité des Marchés Financiers (AMF), has again warned cryptocurrency investors about Bybit's unlawful activities in the country. In a announcement released on May 16, the AMF informed the French populace that Bybit is an unlicensed cryptocurrency service operating illegitimately within the country's boundaries, representing third parties in the provision of digital asset services. The regulator cautioned that it holds the power to shut down Bybit's website which offers its services unlawfully in France. The AMF stressed, "Operating these services without registration in France is against the country's laws. BYBIT has no licensure to function as a digital asset service provider," this was stated by the regulatory authority. As per the AMF, as of May 2022, Bybit has been on the blacklist due to its failure to comply with local French rules. Previously listed on the blacklist were crypto-related platforms such as 24cryptoforextrading.net and cryptoneyx.io. However, regulators have granted approval to Gemini, Coinbase, and Circle for their operations. On a related note, a poll revealed cryptocurrency to be the second most sought-after investment asset in France. The Securities and Futures Commission based in Hong Kong issued a comparable caution in March, pointing to Bybit's status as an unlicensed crypto trading platform. Bybit withdrew from the Canadian and U.K. markets in 2023 due to intensified regulatory scrutiny. Nevertheless, the exchange has been extending its global footprint, rolling out a regulated cryptocurrency trading platform in the Netherlands and Kazakhstan. Founded in the year 2018, Bybit ranks as one of the top global cryptocurrency exchanges. Trading volumes reported by the platform on February 27 exceeded $71 billion. In other news, as highlighted in Hodler's Digest (May 5-11), SEC's case against Ripple is nearing its end while Grayscale has retracted its ETF filing, among other updates.
Published At
5/16/2024 10:55:01 PM
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