France’s securities regulator, the Autorité des Marchés Financiers (AMF), has issued a warning against the cryptocurrency exchange Bybit.
The AMF has alerted customers that Bybit, which is not registered as a Digital Asset Service Provider (DASP) in France, is operating illegally within the country. This unregistered status has led to Bybit being blacklisted by the AMF since May 20, 2022. The recent notice from the AMF warns customers to prepare for the possibility that Bybit might abruptly stop providing services in France and advises taking measures to secure access to their assets.
The warning was issued on Thursday, renewing concerns and cautions that have been in place since Bybit was first blacklisted in May 2022.
The warning specifically concerns Bybit’s operations in France, although the cryptocurrency exchange has faced similar regulatory challenges in other countries, including Hong Kong, Canada, and the United Kingdom.
Bybit’s lack of registration as a DASP under French law means its operation in the country is considered illegal. The AMF’s notice suggests that the regulator is considering enforcement action which could include legal steps to block Bybit’s website in France. This action is part of a broader regulatory framework under the French Monetary and Financial Code, which allows the AMF to enforce local financial laws and regulations.
The AMF’s stance reflects a growing trend among global financial regulators who are increasingly scrutinizing and taking action against cryptocurrency exchanges that operate without proper licenses. This regulatory pressure has already led to Bybit withdrawing its services from other regions like Canada and the United Kingdom last year.
The AMF’s warning also mirrors actions by other financial authorities, such as the Securities and Futures Commission (SFC) in Hong Kong, which added Bybit to its list of suspicious crypto exchanges in March, noting that the platform is unlicensed. The AMF’s proactive steps underscore the urgency with which financial regulators are addressing compliance and consumer protection in the rapidly evolving crypto market.
