French regulator warns investors Bibit offers services ‘illegally’
The Autorité des Marchés Financiers (AMF), the securities regulator in France, has reiterated its warning to crypto investors that ByBit has been blacklisted in the country.
In a May 16 announcement, the AMF reminded the French public that ByBit is an unregistered crypto platform operating illegally in the country, offering digital asset services on behalf of third parties. The regulator warned that it has the power to block Bybit's website “which is illegally providing its services in France”.
“Unregistered platforms offering these services in France are illegal under French law,” the AMF said. “BYBIT as a [digital asset service provider]He said.
According to the AMF, Baybit has been banned from May 2022 for “non-compliance with current French laws”. Other crypto-related platforms to make the banned list previously included 24cryptoforextrading.net and cryptoneyx.io, but the regulator approved registrations for Gemini, Coinbase and Circle.
Related: Crypto is the second most popular investment asset in France: survey
The Hong Kong Securities and Futures Commission issued a similar warning in March regarding Bybit as an unregistered crypto trading platform. In response to regulatory oversight, ByBit exited the Canadian and UK markets in 2023. The exchange continues to expand its services globally, launching a regulated crypto trading platform in the Netherlands and Kazakhstan.
In the year Founded in 2018, ByBit is one of the world's largest crypto exchanges. On February 27, the platform reported more than 71 billion dollars in trade.
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