“`Bitcoin
- AMF warns Bybit users in France of unauthorized status, emphasizing the need for regulatory approval for digital asset services.
- Bybit now serves over 20 million users globally despite facing regulatory challenges in some markets.
- France’s financial regulator, AMF, has reiterated warnings to investors about Bybit’s unauthorized status in the region.
Cryptocurrency exchange Bybit faces regulatory hurdles in France as the AMF highlights its unauthorized status, urging investor caution.
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’s Response and Future Plans
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.
Conclusion
The AMF continues to enforce strict regulations to ensure investor safety and market integrity, particularly in the volatile cryptocurrency market. Bybit’s proactive steps towards compliance could pave the way for its re-entry into the French market, pending regulatory approval.
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