The French financial regulator, AMF, issues a warning to Bybit users in France, highlighting the exchange's lack of authorization for digital asset services and stressing the importance of regulatory compliance.

Bybit, a prominent cryptocurrency exchange, has recently encountered regulatory obstacles in France, drawing attention to its compliance issues despite reaching a significant milestone of 20 million users worldwide over five years of operation.

AMF's Alert on Bybit's Unauthorized Operations

The Autorité des Marchés Financiers (AMF), the regulatory authority in France, has raised concerns about Bybit's unauthorized status within the country. This cautionary message to retail investors serves as a reminder of Bybit's non-compliance with French regulations, following a previous inclusion on a blacklist and ongoing challenges in meeting the necessary regulatory standards. The AMF's emphasis on the mandatory registration for digital asset service providers (DASPs) operating in France underscores Bybit's current unauthorized status.

In response, Bybit acknowledged its decision to exit the French market in October 2023 and expressed its commitment to align with local laws. The exchange highlighted ongoing dialogues with the AMF to secure the required licenses, demonstrating its dedication to regulatory conformity. However, the absence of formal registration renders Bybit's operations unlawful under French legislation, potentially leading to legal actions by the AMF to restrict Bybit's activities in France.

AMF's Regulatory Focus and Investor Protection

The AMF's primary focus remains on upholding public order and safeguarding investors by enforcing stringent regulatory measures. These efforts aim to combat money laundering, terrorist financing, evaluate the integrity of company executives, and implement safeguards for retail investors. By operating without DASP registration, Bybit violates these regulatory standards, exposing itself to legal consequences and jeopardizing trust within the market.

AMF's Recommendations and Investor Safety

AMF advises Bybit users to prepare for potential service disruptions and encourages them to consult its list of registered DASPs on the official website before engaging in cryptocurrency transactions. This proactive guidance underscores the AMF's commitment to ensuring investor protection amidst the uncertainties associated with unregistered digital asset services.

Bybit's Innovation Amid Regulatory Challenges

Despite facing regulatory hurdles in France and Hong Kong, where warnings have also been issued by the Securities and Futures Commission (SFC), Bybit continues to enhance its offerings globally. The introduction of Bybit P2P Shield aims to bolster security and confidence in its peer-to-peer trading platform, addressing user concerns regarding transaction safety.

Moreover, Bybit's integration of Google Pay into its platform streamlines the process of acquiring digital assets, signaling a user-centric approach to cryptocurrency transactions. These advancements showcase Bybit's dedication to enhancing customer experience and security measures while navigating the intricate regulatory landscapes across diverse international markets.