The post Bybit operates without approval in France appeared on BitcoinEthereumNews.com.

Bybit, a prominent cryptocurrency exchange, has recently faced regulatory scrutiny in France. Despite the cryptocurrency exchange, it has been in the market for five years. The exchange is estimated to have a user base of 20 million around the world. The fact that the exchange is not authorized to operate in France has kept it from dealing with local traders. This is not the first time AMF has banned Bybit, as it blocked the platform two years ago due to Bybit not being compliant with French regulations. The authorities’ recent focus on Bybit demonstrates that this cryptocurrency exchange continues to face severe regulatory problems in France. The AMF has reiterated the importance of all digital asset service providers (DASPs) being officially registered before they start working in France. Bybit, although it recognizes the need to be registered, still needs to finish this process, which has caused its status as an illegal operator under French law. Following this, the company had already declared its decision to leave the French market by October 2023, according to local regulations. Besides, Bybit has already stated that they are negotiating with the AMF to get a license and start working legally in France. Even though the AMF admits Bybit’s exit from the French market, it reminds us that this situation may lead to legal actions to cease the exchange from its operation. The regulatory authority of France must maintain stability and investor confidence by implementing strict regulations against fraudulent activities like money laundering and the financing of terrorism to ensure the integrity and honesty of the company heads and help the retail investors. The AMF has previously advised investors to anticipate service disruptions by Bybit, owing to the risk of unregistered digital asset services in the country and the unclear legality needing to be clarified…

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Filed under: News - @ May 17, 2024 1:24 pm