French Regulator Alerts Investors to Bybit’s Non-Compliance
Bybit, the digital asset exchange platform, has been blacklisted by the French Securities Regulator, also known as the Autorité des Marchés Financiers (AMF). The AMF has issued a renewed warning to retail investors, urging caution when dealing with Bybit due to its failure to comply with French regulations.
On May 16, the AMF stated that it has the authority, under the country’s Monetary and Financial Code, to take legal action to block Bybit’s website. According to the regulator, any entity offering digital asset-related services in France must undergo mandatory registration as a digital asset service provider (DASP).
This registration process serves multiple purposes, including combating money laundering and terrorism financing activities, ensuring the competency of DASP directors, and protecting retail investors. Since Bybit has not completed this mandatory registration, the AMF advises French investors using the platform to take necessary precautions to protect their investments.
The AMF emphasized the importance of investors making arrangements in case the platform suddenly ceases to provide services to residents of France. It also recommended that investors visit its website to access a white list of registered providers before committing their funds.
The French regulator’s warning aligns with the Hong Kong Securities and Futures Commission’s (SFC) advisory to investors regarding Bybit’s unregistered status. The SFC has also stated that it may take legal action against Bybit if it continues to violate Hong Kong’s securities regulations.
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