The Autorité des Marchés Financiers (AMF), France's securities regulator, has issued a renewed warning against Bybit, a cryptocurrency exchange, cautioning investors about the platform's non-compliance with French regulations. Bybit has been on the AMF's blacklist since May 2022 for operating without the necessary registration as a digital asset service provider (DASP), rendering its services illegal in France.

In its recent notice, the AMF advised customers to prepare for the possibility of Bybit abruptly ceasing its services in France. The regulator emphasized that Bybit's unauthorized operations could lead to legal repercussions, including potential enforcement actions under the Monetary and Financial Code. Retail investors were urged to take precautionary measures to safeguard their assets, considering the uncertain status of Bybit's operations in France.

The AMF's warning echoes similar concerns raised by regulatory authorities globally. Earlier this year, Hong Kong's Securities and Futures Commission (SFC) included Bybit in its list of suspicious crypto exchanges, highlighting the exchange's lack of licensing. Bybit's withdrawal from Canada and the United Kingdom in the previous year, citing regulatory pressures, further underscores the challenges it faces in adhering to regulatory standards across jurisdictions.

Despite these regulatory warnings, Bybit has remained silent on the matter, failing to respond to inquiries from media outlets such as CoinDesk. This lack of engagement from Bybit raises further concerns among investors about the transparency and accountability of the exchange.

As regulatory scrutiny intensifies in the cryptocurrency industry, investors are advised to exercise caution when engaging with platforms like Bybit that operate outside regulatory frameworks. The AMF's warning serves as a reminder of the importance of conducting thorough due diligence before entrusting assets to any cryptocurrency exchange, particularly those operating in a regulatory gray area.