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The AMF, a French Financial Market Authority, has restricted user access to the Bybit website.
The French Financial Market Authority (AMF) has blocked access to Bybit’s website due to unauthorized operations within France. According to a recent statement by the AMF, the Bybit crypto exchange is not authorized to provide digital asset services in the country.
The regulatory body requires digital asset service providers (DASPs) to register with the AMF before they can offer services to the public, including operating a crypto trading platform.
The AMF emphasizes that mandatory registration is crucial for maintaining public order by preventing money laundering and terrorist financing, verifying the good reputations and competencies of directors, and implementing specific measures to protect retail investors.
Bitget also warned by the AMF
Since Bybit is not registered as a DASP, its operations in France are illegal. Just over a month ago, the AMF issued a similar warning against the cryptocurrency exchange Bitget.
Bitget is also unregistered as a DASP and provides digital asset services that require mandatory registration in France. As a result, on November 7, 2023, Bitget was blacklisted by the AMF for failing to comply with French regulations.
Last year, media reports indicated that Binance’s French subsidiary had been under preliminary investigation since February 2022 for allegedly providing cryptocurrency services illegally and failing to meet anti-money laundering requirements.
However, in May 2023, Binance obtained a license to operate as a crypto service provider from the French Financial Market Supervisory Commission.
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