Bybit’s French Fling: A Tale of Regulatory Redemption

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Bybit’s French Fling: A Tale of Regulatory Redemption
Bybit’s French Fling: A Tale of Regulatory Redemption

Oh, the trials and tribulations of crypto exchange Bybit! 🤯 After a grueling two-year review, the French regulator, Autorité des Marchés Financiers (AMF), has finally seen fit to remove Bybit from its blacklist. 🙌 One can only assume that the exchange’s CEO, Ben Zhou, is doing the tango in celebration. 💃

On this most romantic of days, February 14, Zhou took to his X account to declare that Bybit had resolved its issues with the AMF. Ah, l’amour! ❤️ It seems that the exchange had been working closely with French regulators to address those pesky compliance issues. The AMF, in a moment of Gallic magnanimity, confirmed that Bybit is no longer on its list of “unauthorized companies and websites.” 🙏

But, of course, this is not the end of Bybit’s regulatory woes. Oh no, mes amis! 😱 The exchange is still facing challenges in other countries. And, as if to prove it, Zhou mentioned that Bybit is working towards securing a Markets in Crypto-Assets Regulation license, which would allow it to operate across the European Union. 🇪🇺 One can only imagine the bureaucratic hurdles they’ll have to jump through. 🤹‍♂️

After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist. MiCA license next. 🎉

— Ben Zhou (@benbybit) February 14, 2025

But, let’s not forget the exchange’s other adventures. In India, Bybit was fined a pretty penny (₹9.27 crore, to be exact) for breaking money laundering laws. 🤑 This came just weeks after it stopped services in the country due to regulatory concerns. And, if that weren’t enough, authorities in Malaysia forced the company to cease operations. 🚫

And, in a delicious piece of gossip, Zhou has refuted reports that he would join the Pi Network. 🤣 He revealed on X that he was requested to join Pi but declined, citing his prior experience in FX trading where refund requests were common. Ah, the drama! 🎭 Although exchanges such as Bitget, MEXC, and OKX have confirmed their intention to list the coin, Bybit has not yet released an official statement. 🤔

The mainnet launch of Pi Coin, which is powered by Pi Network, is scheduled for February 20, 2025, at 8:00 UTC. 🕰️ The official announcement caused Pi Coin’s price to spike despite earlier delays. IOU values for Pi, which are transferable debt tokens used on exchange platforms until the mainnet goes live, have already begun to appear on several markets. 📈

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2025-02-14 17:54