The French Financial Markets Authority (AMF) Blocks Access to Bybit
The French Financial Markets Authority (AMF) has blocked access to the cryptocurrency exchange Bybit for the citizens of the country, citing a lack of necessary licenses. According to the latest statement from AMF, Bybit is not authorized to offer digital asset services in France as it is not registered as a Digital Asset Service Provider (DASP).
Under French law, companies offering services with digital assets are required to register with AMF. This registration is necessary to protect retail investors from fraud and prevent money laundering. Since Bybit has not completed this mandatory registration, its operations in France are deemed illegal.
France Takes Strict Action Against Unregistered Crypto Exchanges
Over a month ago, AMF issued a warning regarding another cryptocurrency exchange — Bitget. This platform also was not registered as a DASP and was blacklisted from November 7, 2023 for violating French regulations. Earlier, French authorities also investigated the largest cryptocurrency exchange Binance. In 2022, a probe was initiated into the French subsidiary of Binance for illegally offering cryptocurrency services and violating anti-money laundering regulations.
However, in May 2023, Binance completed the mandatory registration and obtained a license from the French Financial Markets Supervisory Commission, allowing it to operate legally in the French market. French regulators continue to closely monitor the activities of cryptocurrency exchanges, ensuring their compliance with local legislative requirements and protecting the rights of investors.
