The French Financial Market Authority (AMF) has taken action by blocking access to Bybit’s website, citing unauthorized operations within France. As per the AMF’s recent statement, Bybit crypto exchange lacks authorization to offer digital asset services in the country.
The regulatory body requires that providers of digital asset services (DASPs) register with the AMF prior to offering services to the public, which encompasses running a cryptocurrency trading platform.
According to the market authority, mandatory registration serves to uphold public order by thwarting money laundering and terrorist financing, confirming the integrity and competency of directors, and instituting tailored measures to safeguard retail investors.
AMF issues warning to Bitget as well
As Bybit isn’t registered as a DASP, its operations in France are deemed illegal. The AMF had issued a comparable warning against the cryptocurrency exchange Bitget over a month ago.
Bitget, like Bybit, isn’t registered as a DASP and offers digital asset services that require mandatory registration in France. Consequently, as of November 7, 2023, Bitget has been placed on the AMF’s blacklist due to non-compliance with French regulations.
Media reports from last year indicated that Binance’s French subsidiary had been under preliminary investigation since February 2022 for purportedly offering cryptocurrency services unlawfully and neglecting to adhere to anti-money laundering obligations.
Yet, in May 2023, Binance obtained a license as a crypto service provider from the French Financial Market Supervisory Commission.
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