Crypto Exchange Bybit Under Regulatory Scrutiny in France

By: Isha Das

The Autorité des Marchés Financiers (AMF), France's financial regulator, has issued a warning against Bybit, stating that it is not a registered crypto trading platform in France. CoinMarketCap data shows Bybit to be the third-largest crypto exchange globally, holding over $10 billion of user assets.

The regulatory authority pointed out that Bybit has not complied with local regulations, especially failing to register as a digital asset service provider (DASP) under the Monetary and Financial Code. Furthermore, Bybit has found itself blacklisted since May 20, 2022, due to this noncompliance.

AMF may take legal action against Bybit including the potential to block access to the exchange's website among other measures. In light of this, investors are being urged to consider alternative measures to safeguard their assets, as the platform could face a sudden cessation of operations in France.

This regulatory action aligns with France's wider efforts to establish comprehensive regulations for crypto businesses within its jurisdiction, reflecting a commitment to protect investors from potential risks in the emerging crypto industry.