France’s Autorité des Marchés Financiers (AMF) has warned French crypto investors that Bybit is not a registered platform in the country, according to a May 16 notice.The financial regulator stated:“The Autorité des Marchés Financiers (AMF) is calling on retail investors to exercise the utmost vigilance with regard proposal investments made to the public residing in France by the digital asset trading platform BYBIT. BYBIT is not authorised to provide its digital asset services in France.”According to CoinMarketCap data, Bybit is the third-largest crypto exchange by trading volume. The platform was launched in 2017 and holds over $10 billion worth of its users’ assets.The regulator pointed out that Bybit had failed to comply with local regulations, which required the exchange to register as a digital asset service provider (DASP) under the Monetary and Financial Code.Moreover, Bybit has been on the AMF’s blacklist since May 20, 2022, due to its failure to comply with these regulatory standards.Consequently, the AMF said it might pursue legal action against Bybit due to its lack of registration. Such action could entail blocking access to the exchange’s website and other measures.In light of the regulatory crackdown, investors are urged to consider alternative measures to safeguard their assets, as the platform may face sudden cessation of operations in France. AMF added:“The AMF is urging French retail investors who have invested on this platform to take all necessary measures to avoid being unable to access their assets (digital assets or digital asset derivatives). All investors must make arrangements for the eventuality that the platform suddenly cease to provide services to the public residing in France.”Bybit has yet to respond to CryptoSlate’s request for comment as of press time.Meanwhile, this regulatory action coincides with France’s broader efforts to establish comprehensive regulations governing crypto businesses within its jurisdiction. Market observers said these efforts reflect a commitment to protecting investors from potential risks associated with the emerging industry.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Your daily dose of must-have crypto news and deep dives. Direct to your inbox.Gemini is now available in more than 12 European countries with the latest registration.Bitzlato claims partial recovery of funds despite asset seizure and money laundering allegations; nevertheless, withdrawals are still suspended.Circle’s latest regulatory stride in France marks a step towards compliance with EU’s MiCA regime.As it obtains VASP status in France, Coinbase takes a significant step in its European expansion strategy.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
