Bybit, a cryptocurrency exchange, is currently under investigation by the French government for possible regulatory violations. The Autorité des Marchés Financiers (AMF), the French financial regulatory authority, has threatened legal action to prohibit Bybit’s access in France. This action is due to Bybit’s failure to comply with French regulations, which has been an ongoing issue since the exchange was blacklisted two years ago. Bybit has not yet met the necessary criteria to operate as a digital asset service provider (DASP) in France, as stated by the AMF.
In response, Bybit has expressed its commitment to adhering to local regulations and mentioned its previous plan to exit the French market in October 2023. The exchange has also emphasized its dedication to regulatory compliance and is currently in discussions with the AMF to obtain the required license. However, the AMF has threatened legal action to prevent Bybit from operating in France until it completes the formal registration process, as conducting activities without registration is considered unlawful under French law.
The AMF aims to protect investors and maintain public order by enforcing strict restrictions. Measures to safeguard individual investors, assess the competence and integrity of corporate executives, and prevent terrorism financing and money laundering are all part of the AMF’s objectives.
Considering the potential risks associated with unregistered digital asset services, the AMF advises investors who use Bybit to be prepared for unexpected service interruptions. Additionally, the regulatory authority recommends that investors check its official website for a whitelist of registered DASPs before investing in cryptocurrencies.
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