Sujha Sundararajan
Last updated:
May 17, 2024 03:28 EDT
| 1 min read
The Autorité des Marchés Financiers (AMF), France’s local financial commission, has reminded investors in a warning note published Thursday, to refrain from trading crypto platform, ByBit.
ByBit, which is one of the largest crypto exchanges globally, scored significant growth in the recent past. The exchange hit 20 million registered users after 5 years of operation in 2023.
However, the exchange has been under scrutiny in France for its lack of non-compliance with current regulations. As a result, the French regulator blacklisted the platform in 20 May 2022.
“ByBit is not authorized to provide its digital asset services in France,” the notice read.
“In this regard, the AMF is urging French retail investors who have invested on this platform to take all necessary measures to avoid being unable to access their assets.”
Further, AMF stressed that ByBit did not receive a digital asset service provider (DASP) license in France. The regulator has the right to take legal action to block the platform’s website, it added.
“Unregistered platforms providing these services in France are illegal under French law,” AMF reiterated.
In a similar tone, the AMF also warned investors against Bitget crypto exchange last month. It reminded users about the platform’s blacklisting in November 2023.
Hong Kong Added ByBit Among “Suspicious Crypto Exchanges”.
In March, Hong Kong’s markets regulator added ByBit to its list of suspicious cryptocurrency exchanges. It also placed several of the crypto exchange’s products on its suspicious investment products list.
The Securities and Futures Commission (SFC) noted that investors risk losing their entire investment and that it will not hesitate to take enforcement action.
According to a ByBit’s spokesperson, the exchange has been maintaining “a close dialogue with regulators around the world including HK” and is striving to comply with all necessary regulations.
“Since different products are listed for various regions to meet local compliance requirements, you can be confident that these products are not available in the HK market,” a source reavealed earlier.
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