🌎 AMF Blocks Bybit Website for Unauthorized Crypto Operations in France

The AMF, the French Financial Market Authority, has restricted access to Bybit’s website, citing unauthorized operations within France. According to the AMF, Bybit is not authorized to provide digital asset services in the country.

The AMF requires that digital asset service providers (DASPs) register before offering services to the public, including operating a cryptocurrency trading platform. This compulsory registration aims to maintain public order by preventing money laundering and terrorist financing, verifying directors’ good reputations and competence, and implementing measures to protect retail investors.

Since Bybit is not registered as a DASP, its operations in France are deemed illegal. Over a month ago, the AMF issued a similar warning against the cryptocurrency exchange Bitget, which is also not registered as a DASP and thus operates illegally in France. As of November 7, 2023, Bitget has been blacklisted by the AMF for non-compliance with French regulations.

Last year, reports indicated that Binance’s French subsidiary was under preliminary investigation since February 2022 for allegedly providing cryptocurrency services illegally and failing to comply with anti-money laundering obligations. However, in May 2023, Binance received a license as a crypto service provider from the French Financial Market Supervisory Commission.