AMF Issues Warning Against Bybit, Website block Possible

Key Points:

• Bybit has been on the AMF’s blacklist since May 2022 due to non-compliance with French regulations.
• Last year, Bybit suspended its services in the UK to align with new crypto marketing regulations.

AMF issues warning against Bybit, due to non-compliance with French regulations. Last year, Bybit also suspended its services in the UK.

The French Financial Market Authority (AMF) has issued a warning against Bybit, the third-largest offshore exchange. Bybit is not licensed to offer digital asset services in France, and the AMF has expressed its intent to possibly take legal action to block the site.

AMF Issues Warning Against Bybit

The AMF has urged investors to exercise caution with respect to proposed investments made by Bybit to the French public. Notably, Bybit operates in other regions, including Dubai where it received a Minimum Viable Product (MVP) Preparatory License.

Bybit has been on the AMF’s blacklist since 20 May 2022 due to non-compliance with French regulations. According to the French Monetary and Financial Code, digital asset services must be registered with a digital asset service provider (DASP) before operation.

Platforms that provide these services without registration are illegal in France. The AMF has advised French investors to prepare for the potential abrupt discontinuation of Bybit’s services in France.

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Bybit’s Suspension of Services in the UK

Last year, Bybit suspended its services in the UK last year due to the implementation of new crypto marketing regulations.

The suspension was a proactive move by Bybit to align its operations with the UK’s regulations. Consequently, UK customers have been unable to create new accounts on Bybit since October 1, and new deposits and position purchases were halted from October 8.