Bybit, a cryptocurrency exchange, has recently come under scrutiny in France due to regulatory challenges. Despite achieving a milestone of 20 million users globally after five years of operation.
France’s AMF Flags Bybit’s Unauthorized Status
The Autorité des Marchés Financiers (AMF), France’s financial regulatory body, recently issued a reminder to retail investors regarding Bybit’s unauthorized status in the region. This follows a blacklist action taken two years prior, highlighting the exchange’s ongoing struggles with French regulatory compliance. The AMF’s warning emphasizes the legal requirement for digital asset service providers (DASPs) to register before operating within France, a criterion Bybit has yet to meet.
Bybit responded by noting its previous decision to exit the French market in October 2023, affirming its intention to comply with local laws. The exchange also mentioned ongoing discussions with the AMF to seek necessary licensing, underscoring its commitment to regulatory adherence. However, the lack of a formal registration labels its operations as illegal under French law, with potential legal actions threatened by the AMF to block Bybit’s access within France.
The AMF is focused on maintaining public order and safeguarding investors through stringent regulations. These include preventing money laundering and terrorist financing, assessing the competence and integrity of company directors, and implementing measures to protect retail investors. By not registering as a DASP, Bybit violates these standards, risking legal repercussions and loss of market trust.
The AMF urges investors to use Bybit to prepare for any sudden service disruptions, reflecting the precarious nature of unregistered digital asset services. The regulatory body also advises investors to refer to its whitelist of registered DASPs, available on its official website, before engaging in cryptocurrency investments. This proactive approach by the AMF underscores its commitment to investor safety in the volatile crypto market.
Also Read: Despite Warren’s Concerns, Senate Passes Crypto Bill Allowing Banks to Hold Bitcoin
Bybit Enhances Security, Adds Google Pay
Despite the regulatory challenges in France and Hong Kong, where the Securities and Futures Commission (SFC) has also issued warnings, Bybit continues to innovate and expand elsewhere. The launch of Bybit P2P Shield aims to enhance security and trust in its peer-to-peer trading platform, addressing user concerns about transaction safety.
Furthermore, Bybit has streamlined the process of acquiring digital assets by integrating Google Pay into its platform, reflecting a shift towards more user-friendly cryptocurrency transactions. These developments indicate Bybit’s commitment to improving customer experience and security, even as it navigates complex regulatory landscapes across various global markets.
Also Read: Smart Money Has An Eye For 2 Crypto To Buy For 10X-50X Potential In 2024
The post Bybit Lacks Approval for Digital Asset Services in France, AMF Warns appeared first on CoinGape.
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