France Issues Warning Against Popular Crypto Exchange Binance (BNB) in Turkey

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• France’s financial regulator, Autorité des Marchés Financiers (AMF), issues a new warning against crypto exchange Bybit.
• The AMF alerts that Bybit is not registered as a digital asset service provider in France, thus operating illegally.
• “Investors should be prepared for any sudden discontinuation of services to French customers,” warns the AMF.

This article discusses the recent warning issued by France’s AMF against the Bybit crypto exchange, highlighting the regulatory challenges faced by crypto platforms in Europe.

AMF’s Stance on Bybit’s Operations in France

The Autorité des Marchés Financiers (AMF), France’s securities regulator, has recently reiterated its warning against the crypto exchange Bybit for not being registered as a digital asset service provider (DASP) in France. This lack of registration means Bybit is operating illegally within the country. Since May 20, 2022, Bybit has been on the AMF’s blacklist due to these alleged unauthorized activities.

Legal Implications and Investor Warnings

The AMF has reminded investors of its legal right to block access to platforms like Bybit under the Monetary and Financial Code. It also advises individual investors to take all necessary precautions to avoid losing access to their assets. This warning follows a similar alert from Hong Kong’s financial regulator earlier in March, adding Bybit to its list of suspicious crypto exchanges and cautioning the public about its unlicensed status.

Global Regulatory Pressures on Bybit

In the past year, Bybit has withdrawn from Canada and the United Kingdom due to regulatory pressures. These withdrawals highlight the increasing challenges crypto exchanges face globally as financial authorities tighten regulations.

Conclusion

The AMF’s recent actions underscore a growing trend of stringent regulatory scrutiny on crypto exchanges worldwide. Investors are advised to stay informed and cautious, particularly with platforms operating without necessary registrations or licenses.

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