HomeCrypto NewsFrench regulator issues warning on Bybit cryptocurrency exchange

French regulator issues warning on Bybit cryptocurrency exchange

-

By Angel Di Matteo @shadowargel

The AMF warns residents operating in Bybit about a possible blockage of the trading platform, and invites you to take measures to prevent your assets from becoming inaccessible. They clarify that the platform has been on their list of sites that operate without a license since 2022.

***

  • The AMF issues warning about the exchange Bybit
  • They allege that it does not have the corresponding license to offer its services.
  • Indicate that Bybit has been on its blacklist of unauthorized sites since 2022
  • Therefore, they warn that they could take measures against the platform, such as preventing access to their website.
  • Bybit It has also had problems in Hong Kong, Canada and the United Kingdom

The Financial Markets Authority (AMF) of France issued a warning against the international exchange Bybit, notifying users about a possible cessation of operations in the country.

Trouble Bybit in France

The announcement came In a statement published by the AMF the present day on their official site, where they indicate that Bybit does not comply with the requirements and licenses to offer its services in the country. They even clarify that the exchange has been on the regulator’s blacklist since May 20, 2022 for these same reasons.

The statement reads:

The Autorité des Marchés Financiers (AMF) calls on retail investors to exercise maximum vigilance regarding investment proposals made to the public residing in France by the BYBIT digital asset trading platform. BYBIT is not authorized to provide its digital asset services in France.

The agency specifically clarifies that Bybit It does not have a license as a digital asset service provider (DASP), this being an essential requirement for any entity that wishes to offer the purchase, sale, exchange and custody of cryptocurrencies. Said permission “allows maintaining public order by preventing money laundering and the financing of terrorism, verifying the good repute and competence of its directors, or even imposing specific measures to protect retail investors,” clarifies the AMF.

And finally, the agency warns of a possible blockage of the web portal of Bybit, inviting all interested parties to be very attentive and take the appropriate measures before something like this takes place:

In this sense, the AMF urges French retail investors who have invested on this platform to take all necessary measures to avoid not being able to access their assets (digital assets or derivatives of digital assets). All investors must take action in case the platform suddenly stops providing services to the public residing in France.

The difficulties that Bybit has had

This new problem with the French authorities adds to the list of events that he has had to go through Bybit in recent times.

In mid-March, the exchange received a similar warning from the Securities and Futures Commission (SFC) of Hong Kong, which warned that Bybit appears on its list of unauthorized platforms, and invited residents to take action before taking action against the exchange

In 2023, Bybit It also faced operational problems in the United Kingdom and Canada, due to the tightening of legal frameworks, which led to the suspension of operations in these countries.


Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Solana (SOL) price leads the crypto market in the last week

The cryptocurrency market has seen a large rally in recent hours, with Bitcoin surpassing the $67,000 barrier....

How the tax reform in Argentina would impact cryptocurrency users

Key facts: The reforms would benefit thousands of cryptocurrency users in taxes. Taxes on personal property, profits and monotribute could have modifications. This...

El Salvador and Kazakhstan join forces to expand the use of bitcoin

Key facts: They want to improve “cooperation, assistance and facilitation” of information exchange. El Salvador has already become a reference for the...

Most Popular

spot_img