The post Bybit Exits France Amid Increasing Regulatory Pressure appeared on BitcoinEthereumNews.com.

Japanese cryptocurrency exchange; Bybit, is the latest company to exit the French market due to rising regulatory pressures. This new change highlights the increasing regulatory pressure being faced by Bybit and other cryptocurrency exchanges in the market. This decision came after sharp monitoring from AMF, alternatively known as Commission des opérations de bourse, one of the French financial market regulatory bodies. Background and Regulatory Issues Still, one of the largest and well-known cryptocurrency trading platforms Bybit has been on the AMF’s list of non-recommended brokers since May of 2022. The regulator pointed to Bybit for unlawful provision of services without being registered as a Digital Asset Service Provider (DASP) and failing to meet the French laws on finance. The AMF has stated that any digital asset service provider that is active in France must abide by strict regulatory requirements, including and especially the need to register in order to counter money laundering and terrorist financing. Bybit’s Response and Market Exits To the issues of regulations, Bybit actively decided to shut down its operations in France to avoid additional legal issues. The AMF had urged the investors to be very vigilant and ready for any eventuality and possible interruptions in services and access to the Bybit website as it enjoyed the legal mandate to do so within France. This is similar to Bybit’s earlier withdrawal from the UK and Canadian market due to similar regulatory concerns. Regulatory issues that Bybit has faced are not limited to France, however, the circumstances that Bybit has encountered are indicative of the overall situation. There have been regulatory challenges in the operation of this platform in several jurisdictions, and specifically, the Securities and Futures Commission banned it in Hong Kong listing it as an unauthorized exchange platform. Global Operations and Future Scope However, Bybit has…

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Filed under: News - @ August 4, 2024 10:08 am