French Regulator Issues Warning Against ByBit Usage Despite Ban
The Autorité des Marchés Financiers (AMF), France’s local financial commission, has issued a warning to investors in a recent notice, advising them to avoid trading on the crypto platform ByBit.
ByBit, one of the largest global crypto exchanges, has experienced significant growth in recent years, reaching 20 million registered users in 2023 after 5 years of operation.
However, the exchange has come under scrutiny in France for its failure to comply with current regulations, leading to its blacklisting by the French regulator in May 2022.
“The notice stated that ByBit is not authorized to offer its digital asset services in France.”
The AMF emphasized that ByBit has not obtained a digital asset service provider (DASP) license in France and warned that it has the authority to take legal action to block the platform’s website.
“According to French law, unregistered platforms that offer these services in France are considered illegal,” the AMF reiterated.
Last month, the AMF also cautioned investors against using the Bitget crypto exchange, reminding them of its blacklisting in November 2023.
ByBit was also added to Hong Kong’s list of suspicious cryptocurrency exchanges in March. The Securities and Futures Commission (SFC) warned investors that they risk losing their entire investment and stated that it will not hesitate to take enforcement action.
A spokesperson for ByBit stated that the exchange is in constant communication with regulators worldwide, including those in Hong Kong, and is making efforts to comply with all necessary regulations.
“ByBit ensures that different products are listed for specific regions in order to meet local compliance requirements. Therefore, you can be confident that these products are not available in the Hong Kong market,” a source revealed earlier.
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