- Bybit, a prominent cryptocurrency exchange, has halted its trading services in France due to regulatory complications.
- The exchange quickly responded, advising its French users to transition their assets and funds to alternative accounts.
- The French financial authority, Autorité des Marchés Financiers (AMF), had blacklisted Bybit in 2022 due to non-registration as a digital asset service provider.
Bybit halts operations in France due to unresolved regulatory compliance issues, impacting French traders and highlighting the importance of alignment with national financial regulations.
Bybit Enforces Regulatory Compliance and Suspends Services in France
Bybit, known for being the second-largest crypto exchange by 24-hour trading volume, recently suspended trading activities for its French users. The decision came after the exchange faced regulatory pushback for not being registered as a digital asset service provider (DASP) with the French authorities. Bybit has advised users to transfer their assets promptly, ensuring that all positions are closed by August 13th to allow for only withdrawals thereafter.
Impact of AMF Blacklisting on Bybit’s Operations
The Autorité des Marchés Financiers (AMF) blacklisted Bybit in 2022, citing the exchange’s failure to register properly under French law. The AMF’s reminder in May reiterated the illegality of unregistered platforms operating in France and emphasized their role in underpinning public trust through measures against money laundering and terrorist financing. Bybit’s non-compliance with these regulations led to the current suspension of its services.
Bybit’s Response and Future Plans
In its announcement, Bybit expressed regret for the disruption caused to its French clients and reaffirmed its commitment to meeting regulatory standards. The exchange highlighted its efforts to secure the necessary licenses to resume operations in France. Bybit’s proactive stance on regulatory compliance underscores its dedication to safeguarding its user base and maintaining operational transparency.
Conclusion
Bybit’s suspension of trading services in France serves as a significant reminder of the stringent compliance requirements faced by crypto exchanges worldwide. The incident stresses the importance of adhering to national financial regulations to ensure continued service provision. French users are advised to monitor official communications from Bybit regarding any updates on their efforts to restore full service capabilities in the future.
