French regulators allegedly investigate cryptocurrency exchange Bybit for operating illegally in the nation.
Reports state that France’s securities regulator, the Autorité des Marchés Financiers (AMF), blacklisted Bybit for illegal operations.
French Regulator Blacklists Bybit for Illegal Operations
The AMF also warned crypto users in France against using the Bybit exchange. The AMF issued a notice on May 16th, branding Bybit as having an unregistered presence in France. The regulator further urged users to “make arrangements for the eventuality that the platform [may] suddenly cease to provide services” to customers in France.
The AMF reminded Bybit’s users that it “reserves the right, under the terms of the Monetary and Financial Code, to take legal action to block the website of this platform” and urged customers to “take all necessary measures to avoid being unable to access their assets.”
Source: X
The warning possibly points to a coming enforcement action against Bybit. The AMF has notably resisted crypto exchanges operating without a license. The regulator said it has blacklisted several crypto service providers for non-compliance. The AMF blacklisted Bybit in 2022. Other platforms it blacklisted include 4cryptoforextrading.net and cryptoneyx.io.
France is warming up as a crypto hub thanks to the introduction of MiCA. Crypto exchanges such as Binance and Coinbase have sought to expand into France. The AMF has already cleared Coinbase, Gemini, and Circle’s registrations.
Meanwhile, Bybit is facing tough times complying with regulators. Hong Kong’s Securities and Futures Commission recently warned that Bybit was unregistered. The exchange also closed its operations in Canada and the U.K. due to regulatory pressure.
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