The French Financial Markets Authority (AMF), has urged cryptocurrency users and individual investors to exercise caution regarding Bybit, asking citizens to be extremely careful with the exchange. The French regulator noted that Bybit has been blacklisted since May 20, 2022, and is not authorized to offer cryptocurrency services in France.
Controversy in France
AMF, reminded that the provision of crypto asset custody services is subject to mandatory pre-registration. The institution, which helps prevent money laundering and crime financing, also continues to implement special measures to protect individual investors.
However, according to monetary and financial law, the AMF reserves the right to take legal action to block Bybit’s operations and website in France. The regulator urged users to be cautious if the exchange ceases to offer services in the country. Following the announcement, a notable debate began on the social media platform X. While some appreciated the advice, others questioned whether the AMF wanted to dictate where people should invest their money, with one user on X stating:
“Okay, so to guarantee perfect protection, we will have to go to even riskier platforms to have the freedom to invest our hard-earned money as we wish. Create a safe and attractive platform that will be better to protect us.”
Crypto Exchanges and Legal Regulations
Bybit’s lack of a license is not unique to France. Last year, the exchange exited Canada following increased due diligence orders from Canadian Securities Administrators. In the United Kingdom, Bybit left due to strict marketing rules implemented in October.
Despite many restrictions, Bybit holds a significant position among centralized exchanges due to its 10/10 trust core rating, indicating it is reliable and safe to use. During this period, many centralized crypto exchanges continue to suffer significant damage from regulatory processes undertaken by countries.
During this period, popular crypto exchanges like Binance and OKX are also taking significant steps regarding their operations. Especially Binance, which has been in the spotlight recently due to developments on the US front. Meanwhile, Coinbase is drawing attention by taking steps towards crypto-backed candidates in the US Presidential elections.
