As a seasoned researcher with a background in financial regulation, I cannot help but express my concern over the latest warning from France’s securities regulator, the Autorité des Marchés Financiers (AMF), against the crypto exchange Bybit. The AMF has renewed its call for customers to prepare for the possibility that the platform may suddenly cease operations in France, and the exchange has been operating illegally since May 2022.
France’s securities watchdog has once again cautioned the public against using crypto exchange Bybit, advising French users to prepare for the possibility that the firm could unexpectedly halt its operations within their jurisdiction.
In a statement released on Thursday, the Autorité des Marchés Financiers (AMF) announced that Bybit had not been registered as a digital asset service provider (DASP) and was consequently breaking the law by providing its services in France. Since May 20, 2022, Bybit has been placed on the AMF’s list of blacklisted entities due to its illegal operations.
The notice implies a potential regulatory move against the platform, warning investors that the AMF has the authority, according to the Monetary and Financial Code, to restrict the platform’s website. Retail investors are advised to take precautions to ensure they can still access their assets.
The AMF’s cautionary statement mirrors a previous one from Hong Kong’s Securities and Futures Commission (SFC). In March, the SFC included Bybit on its roster of questionable cryptocurrency exchanges and advised the public that this platform does not hold a license.
Last year, Bybit pulled out of Canada and the United Kingdom, citing regulatory pressure.
Bybit did not respond to CoinDesk’s request for comment by press time.
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2024-05-16 19:14