France’s Financial Regulator Warns Against Unauthorized Digital Asset Services by BITGET

French Financial Regulator Warns Against Unauthorized Crypto Services

The Autorité des Marchés Financiers (AMF), the French Financial Markets Authority, has issued a warning against BITGET for offering unauthorized digital asset services in France.

Background

The AMF regularly updates its blacklists to protect investors from unauthorized entities providing investment services in France without proper authorization.

AMF Circular on Supervision of Virtual Assets

On April 2, the AMF released a circular highlighting the supervision and issuance of virtual assets in the country. BITGET was identified as one of the platforms offering crypto investments through unauthorized entities.

Violation of Regulations

According to the regulator, BITGET has been offering investment products without the necessary authorization, violating the monetary and financial code. To safeguard investors from potential fraud, the AMF and the French Prudential Supervision and Resolution Authority (ACPR) have added BITGET to the updated blacklist of unauthorized investment providers.

Consequences for BITGET

Despite the regulatory requirements for registration as a digital asset service provider (PSAN), BITGET has been operating without proper authorization in France. As a result, the platform has been on the AMF blacklist since November 7, 2023, for non-compliance with French regulations.

Legal Action

The AMF has the authority to take legal action against platforms like BITGET that operate illegally in France. The regulatory body emphasized the importance of caution for investors and highlighted the risks of engaging with unauthorized service providers.

Expanding Blacklist

Since its establishment in 2017, the AMF’s blacklist has grown to include over 400 unauthorized websites offering various investments, ranging from diamonds to livestock and wines. The AMF continues to update the list to protect investors from fraudulent activities.

Conclusion

Investors are advised to consult the AMF’s list of authorized investment providers to ensure the legitimacy of their financial transactions. The AMF remains committed to protecting investors and maintaining the integrity of the financial market in France.