French Regulator Issues Warning Against ByBit Usage Despite Ban
The Autorité des Marchés Financiers (AMF), the financial commission in France, has issued a warning to investors, urging them to refrain from using the crypto platform ByBit. ByBit, one of the largest global crypto exchanges, has experienced significant growth, reaching 20 million registered users in 2023 after 5 years of operation.
However, ByBit has come under scrutiny in France for its non-compliance with current regulations, leading to the platform being blacklisted by the French regulator in May 2022. The AMF emphasized that ByBit does not have a digital asset service provider (DASP) license in France, and therefore is not authorized to offer its services in the country. The regulator has the authority to take legal action to block ByBit’s website.
The AMF reiterated that unregistered platforms offering these services in France are considered illegal under French law. Last month, the AMF also warned investors about the Bitget crypto exchange, reminding them of its blacklisting in November 2023.
In addition to France, ByBit has faced scrutiny in Hong Kong as well. The markets regulator in Hong Kong added ByBit to its list of suspicious cryptocurrency exchanges in March. It also included several of ByBit’s products on its list of suspicious investment products. The Securities and Futures Commission (SFC) in Hong Kong warned investors that they risk losing their entire investment and stated that it will not hesitate to take enforcement action.
ByBit’s spokesperson stated that the exchange has been in constant communication with regulators worldwide, including Hong Kong, and is working towards compliance with all necessary regulations. The spokesperson also assured that different products listed on the platform cater to specific regions to meet local compliance requirements and are not available in the Hong Kong market.
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