Gemini

The AMF, a French Financial Market Authority, has blocked user access to the Bybit website.
The French Financial Market Authority (AMF) has blocked access to Bybit’s website, citing unauthorized operations in France. According to the AMF’s <a href="https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-reminds-public-cryptoasset-trading-platform-bybit-blacklisted" target="_blank" rel="noopener noreferrer nofollow">latest statement</a>, Bybit crypto exchange is not authorized to provide digital asset services in France.
The regulatory body mandates that digital asset service providers (<a href="https://crypto.news/tag/DASP/" target="_blank" rel="noopener noreferrer nofollow">DASPs</a>) must register with the <a href="https://crypto.news/tag/AMF/" target="_blank" rel="noopener noreferrer nofollow">AMF</a> before offering services to the public, including operating a crypto trading platform.
The market authority said compulsory registration helps maintain public order by preventing money laundering and terrorist financing, verifying directors’ good reputations and competence, and even implementing specific measures to protect retail investors.
You might also like: <a href="https://crypto.news/gemini-received-amf-approval-to-launch-services-in-france/" rel="noopener noreferrer nofollow"> Gemini received AMF approval to launch services in France </a>
<h2 class="wp-block-heading" id="bitget-also-receives-amf-warning">Bitget also receives AMF warning</h2>
Since Bybit is not registered as a DASP, it operates illegally in <a href="https://crypto.news/tag/France/" target="_blank" rel="noopener noreferrer nofollow">France</a>. Over a month ago, the AMF issued a similar warning against the cryptocurrency exchange <a href="https://crypto.news/tag/Bitget/" rel="noopener noreferrer nofollow">Bitget</a>.
Bitget is also not registered as a DASP and provides digital asset services subject to mandatory registration in France. Consequently, as of Nov. 7, 2023, Bitget has been blacklisted by the AMF for non-compliance with French regulations.
Last year, media <a href="https://crypto.news/binance-reportedly-under-investigation-in-france-for-alleged-money-laundering/" rel="noopener noreferrer nofollow">reports</a> said Binance’s French subsidiary had been under preliminary investigation since February 2022 for allegedly providing cryptocurrency services illegally and failing to comply with anti-money laundering obligations.
However, in May 2023, <a href="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance</a> received a license as a crypto service provider from the French Financial Market Supervisory Commission.
You might also like: <a href="https://crypto.news/binance-france-audited-holds-e1-billion-in-crypto/" rel="noopener noreferrer nofollow"> Binance France audited, holds €1 billion in crypto </a>

Bybit crypto exchange receives warning from AMF

Table of Contents

crypto.news

Other articles published on May 16, 2024

Kaspa Price Action Mirrors Past Bullish Cycles: Expert Predicts Imminent 10-20X KAS Surge – Here’...

Penguiana Surpasses 1500 SOL In Ongoing $PENGU Presale, Set To Release Play To Earn Game Trailer ...

Walmart (NYSE: WMT) Reports 6.0% Revenue Growth in Q1, Tops Forecasts

Vanguard’s New CEO Rules Out Launch of Spot Bitcoin ETF

Shiba Inu Whale Activity Crashes, But Cardano Volume Jumps 90%, What’s Going On?

Ethereum ETF Approval Unlikely, Says Dogecoin Co-Founder Billy Markus

Join our free newsletter for daily crypto updates!