Create

United

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/french-regulator-warns-citizens-about-bybit/" data-wpel-link="internal">French Regulator Warns Citizens About Bybit</a> 
The French Financial Markets Authority (AMF), has urged cryptocurrency users and individual <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> to exercise caution regarding Bybit, asking citizens to be extremely careful with the exchange. The French regulator noted that Bybit has been blacklisted since May 20, 2022, and is not authorized to offer cryptocurrency services in France. 
<h2 class="p1" style="text-align: justify" id="controversy-in-france">Controversy in France</h2> 
AMF, reminded that the provision of crypto asset custody services is subject to mandatory pre-registration. The institution, which helps prevent money laundering and crime financing, also continues to implement special measures to protect individual investors. 
However, according to monetary and financial law, the AMF reserves the right to take legal action to block Bybit’s operations and website in France. The regulator urged users to be cautious if the exchange ceases to offer services in the country. Following <a href="https://newslinker.co/" data-wpel-link="exclude">the announcement</a>, a notable debate began on the social media platform X. While some appreciated the advice, others questioned whether the AMF wanted to dictate where people should invest their money, with one user on X stating: 
<blockquote> 
 “Okay, so to guarantee perfect protection, we will have to go to even riskier platforms to have the freedom to invest our hard-earned money as we wish. Create a safe and attractive platform that will be better to protect us.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="crypto-exchanges-and-legal-regulations">Crypto Exchanges and Legal Regulations</h2> 
Bybit’s lack of a license is not unique to France. Last year, the exchange exited Canada following increased due diligence orders from Canadian Securities Administrators. In the United Kingdom, Bybit left due to strict marketing rules implemented in October. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-352479 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coingecko.webp" alt="" width="1536" height="677"> 
Despite many restrictions, Bybit holds a significant position among centralized exchanges due to its 10/10 trust core rating, indicating it is reliable and safe to use. During this period, many centralized crypto exchanges continue to suffer significant damage from regulatory processes undertaken by countries. 
During this period, popular crypto exchanges like <a href="https://en.coin-turk.com/binances-proof-of-reserves-a-sign-of-stability-for-investors/" data-wpel-link="internal">Binance</a> and OKX are also taking significant steps regarding their operations. Especially Binance, which has been in the spotlight recently due to developments on the US front. Meanwhile, Coinbase is drawing attention by taking steps towards crypto-backed candidates in the US Presidential elections. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/french-regulator-warns-citizens-about-bybit/" data-wpel-link="internal">French Regulator Warns Citizens About Bybit</a></h5>

French Regulator Warns Citizens About Bybit

Table of Contents

COINTURK NEWS

Other articles published on May 17, 2024

Tether, TON, and Oobit’s Game-Changing Payment Solutions for Easy Transactions

XRP Flips From Bottom: Could It Resurface Amid The Downtrend?

Good News from the US to Bitcoin and Cryptocurrencies This Time

Bitcoin Analysts Predict New All-Time Highs

Web3 Faces Significant Challenges

Enegix Global Unveils New Bitcoin Mining Brand “21pool” Post-Halving

Join our free newsletter for daily crypto updates!