Key Points:
- French regulators have cleared the Bybit exchange, allowing the exchange to pursue a MiCA license for legal EU operations.
- While resolving issues in France, Bybit still faces bans in Malaysia and India, with a ₹9.27 crore fine for AML violations.
Bybit exchange has been removed from the blacklist of France’s Autorité des marchés financiers (AMF) after 2 years of restriction.
Read more: Bybit Card Now Expands Registration Support to More Regions
Bybit Exchange Cleared by French Regulators, Eyes MiCA License
The decision was confirmed by Bybit’s co-founder and CEO, Ben Zhou, who announced that the company had resolved its compliance issues with French regulators.
The AMF verified that Bybit exchange no longer appears on its list of unauthorized firms. The development positions the company to pursue a Markets in Crypto-Assets (MiCA) license, which would enable it to operate legally across the European Union. It had been blacklisted since 2022 for operating without proper registration.
Bybit’s regulatory journey in France has been marked by challenges. In May 2024, the AMF reaffirmed that the exchange was functioning illegally, offering digital asset services without authorization.
Increased scrutiny from French authorities led Bybit to announce in December 2024 that it would suspend withdrawal and custody services for French users starting January 8, 2025. The company advised affected users to withdraw their funds before the deadline to avoid disruptions.
Regulatory Hurdles Persist in Malaysia and India
Despite its progress in France, the Bybit exchange continues to face regulatory hurdles in other countries. In Malaysia, the Securities Commission ordered the exchange to cease operations, while in India, regulatory pressures forced it to halt services. Indian authorities also fined the exchange for violating anti-money laundering laws.
Separately, Zhou recently addressed speculation about joining the Pi Network, clarifying that he declined an invitation to participate. While exchanges like Bitget, MEXC, and OKX have signalled plans to list the PI token, Bybit has not yet made an official statement on the matter.
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