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17/05/24
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France Securities Commission Advises Retail Investors to Be Careful of Bybit
On May 16, France’s securities commission Autorité des Marchés Financiers (AMF) published a press release reminding people that the cryptocurrency asset trading platform Bybit is blacklisted.
According to AMF, the crypto exchange has not been authorized to offer its digital asset services in France, so retail investors need to be careful with Bybit’s investment proposals. AMF added the crypto exchange to its blacklist since May 20, 2022, because it was not complying with established regulations in France.
“Unregistered platforms providing these services in France are illegal under French law. BYBIT is not registered as a DASP. 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, which is providing its services illegally in France,” said AMF.
Entities interested in offering digital asset custody services on behalf of third parties and services including buying or selling digital assets against legal tender, trading digital assets for other digital assets and operating a digital asset trading platform in France must register as a digital asset service provider (DASP).
Registration with financial authorities is towards preventing money laundering and terrorist financing, verifying the good repute and competence of company directors, or imposing specific measures for retail investors’ protection.
“In this regard, the AMF is urging French retail investors who have invested on this platform to take all necessary measures to avoid being unable to access their assets (digital assets or digital asset derivatives). All investors must make arrangements for the eventuality that the platform suddenly cease to provide services to the public residing in France,” said AMF.
Two months ago, Hong Kong’s Securities and Futures Commission also informed the public that the crypto exchange is not registered, so people should be careful. AMF has approved registrations for Gemini, Coinbase and Circle.
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