As a seasoned crypto investor with a strong background in regulatory compliance and a deep understanding of the European digital asset landscape, I cannot help but be concerned about the latest developments regarding Bybit and Bitget being blocked by the AMF.
The AMF, a French Financial Market Authority, has blocked user access to the Bybit website.
The French Financial Markets Regulator (AMF) has prevented users from accessing Bybit’s website. This action was taken due to Bybit conducting business in digital assets without proper authorization from the AMF within France.
According to regulations set by the AMF, digital asset service providers (DASPs), such as those operating crypto trading platforms, are required to register with the agency prior to providing their services to the general public.
The regulatory body argued that mandatory registration is essential for preserving public order. It serves to prevent illegal activities such as money laundering and terrorist financing. Furthermore, it ensures the respectability and capability of directors are verified, while also providing safeguards for retail investors through targeted protective measures.
Bitget also receives AMF warning
In France, Bybit isn’t registered as a Digital Asset Service Provider (DASP). Consequently, its operations are considered illegal. Approximately a month ago, the Autorité des Marchés Financiers (AMF) issued a warning against another cryptocurrency exchange, Bitget, for similar reasons.
Bitget is unregistered as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF) in France, and is therefore required to comply with mandatory registration. Failure to do so has resulted in Bitget being added to the AMF’s list of non-compliant entities as of November 7, 2023.
As a crypto investor, I recall last year when news broke out that Binance‘s French branch was under scrutiny for suspected non-compliance with regulatory norms. The reports indicated that the investigation commenced as early as February 2022, and the allegations centered around two main issues: offering unlawful cryptocurrency services and neglecting anti-money laundering regulations.
In May 2023, Binance obtained a license from the French Financial Market Supervisory Commission authorizing it to operate as a cryptocurrency service provider.
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2024-05-16 19:38