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French Securities Regulator Warns Investors Against Crypto Exchange Bybit
The exchange has been blacklisted by the AMF since May 2022 for non-compliance with French regulations.
Updated May 16, 2024, 4:07 p.m. Published May 16, 2024, 4:04 p.m.
France's securities regulator has issued a renewed warning against crypto exchange Bybit, urging customers to “make arrangements for the eventuality that the platform [may] suddenly cease to provide services” to customers in France.
In a Thursday notice, the Autorité des Marchés Financiers (AMF) said that the exchange was not registered as a digital asset service provider (DASP) and was therefore offering its services illegally in France. Bybit has been blacklisted by the AMF since May 20, 2022 for operating illegally.
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The notice appears to hint at a possible coming enforcement action against the platform, reminding investors that the AMF “reserves the right, under the terms of the Monetary and Financial Code, to take legal action to block the website of this platform” and that retail investors should “take all necessary measures to avoid being unable to access their assets.”
The warning from the AMF echoes a similar warning against Bybit by Hong Kong’s financial regulator – in March, the Securities and Futures Commission (SFC) added Bybit to its list of suspicious crypto exchanges and warned the public that the exchange is unlicensed.
Last year, Bybit pulled out of Canada and the United Kingdom, citing regulatory pressure.
Bybit did not respond to CoinDesk’s request for comment by press time.
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