France issues warning to crypto investors of Bybit

credit: Shutterstock
credit: Shutterstock

The Autorité des Marchés Financiers (AMF) – France’s financial securities regulator – has warned investors against using the cryptocurrency exchange Bybit

Issuing its warning notice yesterday (16 May), the AMF stressed investors to hold the “utmost vigilance” when trading on the Bybit platform as it is not an authorised digital asset service in France. 

Bybit was blacklisted by the AMF in May 2022 for illegally operating in the country and being non-compliant with financial regulations. 

Under the Monetary and Financial Code, crypto and digital asset services are mandated to register as a digital asset service provider. This code oversee’s provisions such as digital asset custody on behalf of third parties, services to sell and digital assets and comply with existing regulations whilst being exposed to French investors. 

AMF established this order to maintain “public order through prevention of money laundering and terrorist financing”. Unregistered services, such as Bybit, are thus deemed illegal and reserve the right to block non-compliant platforms. 

In regards to Bybit in France, the AMF has urged investors who have already traded on the exchange to “take all necessary measures to avoid being unable to access their assets”, with the French financial regulator preparing for Bybit to cease trading in the country. 

France becomes the latest country Bybit will have to leave due to regulatory pressures. The crypto exchange also left the UK and Canada markets due to changes in crypto and digital asset regulations. 

Whilst Bybit has been calling Dubai a home now for more than a year, its CEO, Ben Zhou, spoke last October on the need for ‘forward-thinking authorities’ when it comes to aligning financial regulations that cater to crypto companies also. 

He said: “Our mission is to empower individuals, businesses and economies to thrive in this dynamic landscape. We don’t build the city, but we take people to the city, where the limitless potential of blockchain and cryptocurrency awaits.”