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According to France’s financial authority, the cryptocurrency platform BYBIT is no longer considered an institution engaged in illegal activities. After being blacklisted for over two years, the platform has been removed from this list following various regulatory efforts.
BYBIT and France
In cooperation with the French authority, BYBIT undertook several improvement measures to address deficiencies identified by the institution. The company’s CEO, Ben Zhou, shared the outcome of this process on social media.
Ben Zhou: “As a result of more than two years of efforts, we have officially been removed from the France AMF blacklist.”
Licensing Expectations
Following the removal from the blacklist, CEO Zhou indicated that the company is now focusing on obtaining the MiCA license to operate in Europe. This license will empower the platform to operate in 30 countries across the European Economic Area.
In May, the French authority warned that BYBIT was not registered in the country and advised investors to cease activities on the platform. After these warnings, BYBIT announced that it would halt services for French investors.
Dubai-based BYBIT has previously received similar warnings and recently completed a licensing process following a one million dollar fine in India. This experience is raising expectations for the company’s restructuring efforts.
Currently, BYBIT’s compliance with regulatory requirements is showing positive results. The company continues to aim for providing services across Europe with the MiCA license in the future.
Recent developments may offer significant data for market participants. They can follow updates regarding regulatory status and licensing processes to stay informed about compliant international operations.
