Introduction:

Bybit, a platform for buying and selling digital money, faces trouble in France because it doesn't have permission from the government. Even though it has gained 20 million users worldwide in five years.

Bybit's Unauthorized Status Highlighted by French Financial Regulator

The AMF, which takes care of financial rules in France, has reminded regular people that Bybit is not allowed to work in the country. This comes after Bybit got put on a list two years ago, showing that it's still having problems following the rules in France. The AMF says that any service dealing with digital money needs to sign up first, something Bybit hasn't done yet.

Bybit said it stopped serving people in France in October 2023 and wants to follow the rules now. They're talking with the AMF to get the right paperwork, showing they want to do things correctly. But until they register officially, they're breaking French laws, and the AMF might take them to court to stop them from working in France.

The AMF's main job is to make sure things stay safe for regular people and to keep an eye on investments. They want to stop bad things like money laundering and help people make smart choices with their money. Bybit not following the rules means they could be putting people at risk and losing their trust.

The AMF tells people using Bybit to be ready in case it suddenly stops working. They also suggest checking their list of approved services before investing in digital money. This shows they're trying to keep people safe, especially when things can change quickly in the digital money world.

Conclusion:

Despite challenges with rules in France and warnings from regulators in Hong Kong, Bybit is still trying to improve and grow. They've made their platform safer with something called Bybit P2P Shield and made it easier to buy digital money by adding Google Pay. This shows they want to give people a good experience even as they deal with different rules around the world.