Bybit Crypto Exchange Receives Warning From AMF

The AMF, a French Financial Market Authority, has blocked user access to the Bybit website.

The French Financial Market Authority (AMF) has blocked access to Bybit’s website, citing unauthorized operations in France. According to the AMF’s latest statement, Bybit crypto exchange is not authorized to provide digital asset services in France.

The regulatory body mandates that digital asset service providers (DASPs) must register with the AMF before offering services to the public, including operating a crypto trading platform.

The market authority said compulsory registration helps maintain public order by preventing money laundering and terrorist financing, verifying directors’ good reputations and competence, and even implementing specific measures to protect retail investors.

Since Bybit is not registered as a DASP, it operates illegally in France. Over a month ago, the AMF issued a similar warning against the cryptocurrency exchange Bitget.

Bitget is also not registered as a DASP and provides digital asset services subject to mandatory registration in France. Consequently, as of Nov. 7, 2023, Bitget has been blacklisted by the AMF for non-compliance with French regulations.

Last year, media reports said Binance’s French subsidiary had been 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.