The French securities regulator, the Autorité des Marchés Financiers (AMF), has reiterated its caution against utilizing the digital asset platform Bybit. The AMF reminded French investors that Bybit operates without proper registration, making it illegal in the country. The regulator advised French investors using Bybit to take necessary precautions to protect their investments.

French Regulator Issues Warning Against Bybit for Non-Compliance

The French Securities Regulator, known as the Autorité des Marchés Financiers (AMF), has issued a renewed warning concerning the digital asset exchange platform Bybit. The AMF has advised retail investors to exercise caution when engaging with Bybit, as the platform has been blacklisted since May 20, 2022, for failing to comply with French regulations.

In a statement released on May 16, the AMF informed French residents that it reserves the right, under the country’s Monetary and Financial Code, to pursue legal action to block Bybit’s website. According to the regulator, any entity offering or intending to offer digital asset-related services in France must undergo mandatory registration as a digital asset service provider (DASP).

This registration process assists French authorities in combating money laundering and terrorism financing activities, ensuring the suitability and competence of DASP directors. Additionally, it enables the regulator to enforce specific measures to safeguard retail investors. Given Bybit’s failure to undergo mandatory registration, the AMF advised French investors using the platform to take all necessary precautions to protect their investments.

“In light of this, the AMF urges French retail investors who have invested on this platform to take all necessary measures to prevent the risk of being unable to access their assets (digital assets or digital asset derivatives). All investors should prepare for the possibility that the platform may abruptly cease to offer services to the public residing in France,” the AMF stated.

For investors seeking to verify a DASP’s status before investing, the AMF recommends visiting its website to access a white list of registered providers.

By issuing warnings about the risks associated with Bybit, the French regulator aligns with the Hong Kong Securities and Futures Commission (SFC), which advised investors to exercise caution when using the unregistered platform. The SFC also indicated its readiness to take legal action against Bybit if it continues to violate Hong Kong’s securitiesThe French securities regulator, the Autorité des Marchés Financiers (AMF), has reiterated its caution against utilizing the digital asset platform Bybit. The AMF reminded French investors that Bybit operates without proper registration, making it illegal in the country. The regulator advised French investors using Bybit to take necessary precautions to protect their investments.

French Regulator Issues Warning Against Bybit for Non-Compliance

The French Securities Regulator, known as the Autorité des Marchés Financiers (AMF), has issued a renewed warning concerning the digital asset exchange platform Bybit. The AMF has advised retail investors to exercise caution when engaging with Bybit, as the platform has been blacklisted since May 20, 2022, for failing to comply with French regulations.

In a statement released on May 16, the AMF informed French residents that it reserves the right, under the country’s Monetary and Financial Code, to pursue legal action to block Bybit’s website. According to the regulator, any entity offering or intending to offer digital asset-related services in France must undergo mandatory registration as a digital asset service provider (DASP).

This registration process assists French authorities in combating money laundering and terrorism financing activities, ensuring the suitability and competence of DASP directors. Additionally, it enables the regulator to enforce specific measures to safeguard retail investors. Given Bybit’s failure to undergo mandatory registration, the AMF advised French investors using the platform to take all necessary precautions to protect their investments.

“In light of this, the AMF urges French retail investors who have invested on this platform to take all necessary measures to prevent the risk of being unable to access their assets (digital assets or digital asset derivatives). All investors should prepare for the possibility that the platform may abruptly cease to offer services to the public residing in France,” the AMF stated.

For investors seeking to verify a DASP’s status before investing, the AMF recommends visiting its website to access a white list of registered providers.

By issuing warnings about the risks associated with Bybit, the French regulator aligns with the Hong Kong Securities and Futures Commission (SFC), which advised investors to exercise caution when using the unregistered platform. The SFC also indicated its readiness to take legal action against Bybit if it continues to violate Hong Kong’s securities regulations. regulations.