France’s financial regulatory body, the Autorité des Marchés Financiers (AMF), issued a cautionary statement on Thursday, advising investors to steer clear of trading on the cryptocurrency platform ByBit.
ByBit, a major player in the global crypto exchange arena, has experienced significant growth in recent times. In 2023, the platform reached a milestone of 20 million registered users, marking five years since its inception.
However, ByBit has come under scrutiny in France due to its failure to comply with existing regulations. Consequently, the French regulator officially blacklisted the platform on May 20, 2022.
“The services offered by ByBit in the realm of digital assets are not authorized in France,” the notice emphasized.
The AMF has urged French retail investors who have engaged with this platform to take necessary steps to ensure continued access to their assets. Furthermore, it emphasized that ByBit has not obtained a Digital Asset Service Provider (DASP) license in France. The regulator asserted its authority to pursue legal measures, including blocking the platform’s website.
“Platforms operating without registration to offer these services in France are in violation of French law,” reiterated the AMF.
In a parallel cautionary move, the AMF recently cautioned investors against the Bitget crypto exchange, reminding users of its blacklisting in November 2023.
Hong Kong Added ByBit Among “Suspicious Crypto Exchanges”
In March, Hong Kong’s securities regulator added ByBit to its roster of questionable cryptocurrency exchanges. It also flagged several of the exchange’s products as potentially suspicious investment offerings.
The Securities and Futures Commission (SFC) highlighted the risk of investors losing their entire investment and emphasized its readiness to take enforcement measures.
A spokesperson for ByBit stated that the exchange has been engaged in ongoing discussions with regulators worldwide, including those in Hong Kong, and is committed to adhering to all regulatory obligations.
“Given the regional variations in product listings to meet local compliance standards, it’s assured that these particular products are not accessible in the Hong Kong market,” a source disclosed previously.
