AMF warns investors: Possible blocking of Bybit website
Date: 2024-05-18 Author: Oliver Abernathy Categories: BUSINESS
The French Financial Markets Authority (AMF) has raised the alarm, warning investors about the possible blocking of the popular cryptocurrency platform Bybit. This warning comes in the context of the regulator's ongoing efforts to monitor cryptocurrency services and highlights the need for vigilance when making investments.
Platform on the blacklist
AMF recalled that Bybit has been on the regulator’s blacklist for several years now. Since May 2022, the exchange has faced restrictions and criticism for non-compliance with laws and regulations, which led to its exclusion from legal financial services providers in France.
Registration required
The AMF emphasized that in order to provide trading and custody services for cryptocurrencies in France, mandatory registration as a digital asset service provider (DASP) is required. Failure to comply with this requirement makes the platform's activities a violation of local law.
Investor protection
The regulator focused on the need to protect retail investors from potential risks associated with the use of illegal platforms. Registering businesses helps ensure public order, combat financial crime and provide protection measures for investors.
AMF's warning about the possible blocking of the Bybit website highlights the seriousness of the problem of illegal cryptocurrency services and calls for a responsible approach to choosing investment platforms. This also reflects the widespread public interest in cryptocurrencies in France and the need to ensure they are safe and legal.
