Regulation
The French securities regulator is warning investors against cryptocurrency exchange Bybit
The French securities regulator has issued a new warning against cryptocurrency exchange Bybit, urging customers to “make arrangements for the eventuality that the platform [may] suddenly stop providing services” to customers in France.
In a notice on Thursday, 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 20 May 2022 for operating illegally.
The notice appears to hint at possible next enforcement action against the platform, reminding investors that the AMF “reserves the right, under the Monetary and Financial Code, to take legal action to block the website of this platform” and that Retailers and investors should “take all necessary steps to avoid being unable to access their assets.”
The AMF warning echoes a similar warning against Bybit from Hong Kong’s financial regulator: In March, the Securities and Futures Commission (SFC) added Bybit to its list of suspicious cryptocurrency exchanges and he warned the audience that the exchange is not authorized.
Bybit did not respond to CoinDesk’s request for comment by press time.