The Autorité des Marchés Financiers (AMF), the securities regulator in France, has reiterated a warning to crypto investors that Bybit is blacklisted in the country.
In a May 16 notice, the AMF <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 nofollow">reminded</a> the French public that Bybit was an unregistered crypto platform operating illegally in the country, offering digital asset services on behalf of third parties. The regulator warned it had the authority to block Bybit’s website “providing its services illegally in France.”
“Unregistered platforms providing these services in France are illegal under French law,” said the AMF. “BYBIT is not registered as a [digital asset service provider].”
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According to the AMF, Bybit has been blacklisted since May 2022 “for non-compliance with current French regulations.” Other crypto-related platforms to make the blacklist previously included 24cryptoforextrading.net and cryptoneyx.io, but the regulator has <a href="https://cointelegraph.com/news/gemini-approved-operate-france-debut-within-weeks">approved registration for Gemini</a>, Coinbase and Circle.
“Bybit had been working with AMF very closely and was in the process of seeking a license,” said Bybit in response to the AMF notice. “To ensure full compliance with local regulations, Bybit even proactively exited the French market in October 2023.”
Related: <a href="https://cointelegraph.com/news/crypto-econd-most-popular-investment-asset-france-report">Crypto is second most popular investment asset in France: Survey</a>
Hong Kong’s Securities and Futures Commission <a href="https://cointelegraph.com/news/hong-kong-regulators-issue-warning-against-bybit-exchange">issued a similar warning</a>&nbsp;in March regarding Bybit as an unregistered crypto trading platform. In response to regulatory scrutiny, Bybit <a href="https://cointelegraph.com/news/bybit-suspend-uk-services-following-regulator-warning">left Canada and the U.K. markets</a> in 2023. The exchange has continued expanding its service globally, <a href="https://cointelegraph.com/news/crypto-exchange-bybit-netherlands">launching a regulated crypto trading platform</a> in the Netherlands and Kazakhstan.
Founded in 2018, Bybit is one of the world’s largest crypto exchanges. On Feb. 27, the platform <a href="https://www.bybit.com/en/press/post/leading-crypto-exchange-bybit-hits-record-spot-trading-volume-blt14d137d26a53bece" target="_blank" rel="noopener nofollow">reported</a> more than $71 billion in trading volume.
Magazine: <a href="https://cointelegraph.com/magazine/sec-ripple-case-nears-conclusion-grayscale-withdraws-etf-filing-hodlers-digest-may-5-11/">SEC, Ripple case nears conclusion, Grayscale withdraws ETF filing, and more: Hodler’s Digest, May 5-11</a>
Update (May 17 at 2:10 pm UTC): This article has been updated to include a statement from Bybit.

French regulator warns investors Bybit provided services ‘illegally’

Cointelegraph

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