French Regulator Warns Investors Over ByBit

French Regulator Warns Investors Over ByBit


Good day everybody,

Welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the continued warning from the French Regulators over the cryptocurrency exchange ByBit.

 

 

ByBit

The Autorité des Marchés Financiers (AMF), France’s local financial commission, have once again reminded the French public to keep away from trading crypto platform ByBit. This warning was issued in a warning note published on Thursday the 16th of May 2024. The exchange ByBit has risen in popularity of late, with its growth seeing the exchange reach 20 million registered users following 5 years of existence following its establishment in 2018. 

The exchange has been under the spotlight in France for its lack of compliance with existing regulations. Due to this the French regulator blacklisted the platform in 20 May 2022. The notice issued by the regulator stated:

 

“ByBit is not authorized to provide its digital asset services in France. 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.”

 

The AMF also noted that ByBit us operating without the required digital asset service provider (DASP) license in France. The regulator went on to state that they have the right to take legal action in relation to blocking the platform's website. 

 

“Unregistered platforms providing these services in France are illegal under French law.”

 

Also to note is that the AMF have warned investors against using the ByBit crypto exchange in the past, including last month when they issued a similar reminder to citizens over the use of the exchange. The platform has been blacklisted since November 2023.

Away from France there has been similar levels of resistance to the exchanges use in locations such as Hong Kong, who added ByBit to its list of suspicious cryptocurrency exchanges. They have also placed several of the crypto exchange’s products onto their suspicious investment products list. 

The Securities and Futures Commission (SFC) went on to note that inveestors are taking a risk which could see them losing their entire investment by making use of this exchange. They also noted that they will not hesitate to take enforcement action.

A spokesperson for ByBit noted that the exchange has been maintaining “a close dialogue with regulators around the world including HK” and is striving to comply with all necessary regulations. They stated:

 

“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.”

 

 

 

Have a great day.

Peace. CryptoGod-1.

 

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cryptogod-1
cryptogod-1

Writer, designer, creator, and life enthusiast. I love to read and write and enjoy sharing my passion for crypto, sports, literature and everything and anything I can enjoy in life.


CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

Enthusiast here looking to share my ideas, thoughts, analysis, and experience when it comes to all things crypto

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