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The French Financial Market Authority (AMF) reportedly gave out a warning against a prominent cryptocurrency exchange. The regulator, maintaining a strong stance against BYBIT, asked the investors to exercise the utmost vigilance while trading with the platform. French watchdog warns investors 
The AMF states that BYBIT is not approved to offer digital asset services in France and adds that it may take legal action to block the site. The regulator notes that BYBIT has been blacklisted by the AMF since 20 May 2022 for non-compliance with current French regulations.
Under the Fench Monetary and Financial Code, digital asset services are subjected to prior mandatory registration as a digital asset service provider (DASP). This registration aims to ensure public order by preventing money laundering and terrorist financing. However, unregistered platforms providing these services in France are illegal under French law.
According to reports, the AMF first blacklisted Bybit two years ago. The latest warning to retail investors is to remind them that the exchange lacks authorization to operate in France. The watchdog highlighted that unregistered platforms providing such services violate French law.&nbsp;
Despite these challenges, Bybit reportedly claims to have been working closely with the AMF. It is seeking a license to comply with local regulations. However, BYbit holds a 24 hour trading volume of $4.35 billion to stand at the 3rd spot in this category. Market is still up 
This major development comes in when the global crypto market is thriving to hit back to back reversals after recent dumps. This shows that traders are very confident about trading in the digital assets market. The fear and greed index also turned “Greed” from “Neutral” to stand at 61 points.
The global crypto market is up by around 3% over the last 24 hours to stand at capitalisation of $2.37 trillion. This surge comes in with the upward run of Bitcoin (BTC). The biggest crypto asset price has surged by 8% in the last 7 days. BTC is now up by 55% on the year to date (YTD) basis.
Bitcoin is trading at an average price of $65,738, at the press time. Its 24 hour trading volume is up by 18% to stand at $36.7 billion.

French regulator issues warning against this Crypto exchange, Will market react?

Todayq News

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