French Regulator Warns Investors Against Using ByBit Despite Ban

French Regulator’s Warning on ByBit Crypto Exchange

The Autorité des Marchés Financiers (AMF), France’s local financial commission, has issued a warning to investors regarding the trading of cryptocurrencies on the ByBit platform.

ByBit’s Growth and Regulatory Issues

ByBit, a major global crypto exchange, achieved significant growth by reaching 20 million registered users in 2023 after 5 years of operation. However, the exchange has faced scrutiny in France due to non-compliance with current regulations, leading to its blacklisting by the French regulator in May 2022.

The AMF emphasized that ByBit is not authorized to offer its digital asset services in France and urged French retail investors to take necessary steps to safeguard their assets.

Regulatory Actions and Warnings

AMF highlighted that ByBit lacks a digital asset service provider (DASP) license in France, making its operations illegal under French law. The regulator also mentioned its authority to take legal measures to block the platform’s website.

In a previous warning, the AMF also cautioned investors against Bitget crypto exchange, which was blacklisted in November 2023.

Hong Kong’s Concerns on ByBit

In March, Hong Kong’s markets regulator listed ByBit as a suspicious cryptocurrency exchange and identified some of its products as suspicious investment products. The Securities and Futures Commission (SFC) warned investors about the risks of potential losses and indicated readiness to take enforcement actions.

ByBit’s spokesperson stated ongoing efforts to comply with regulations and engage with global regulators, including those in Hong Kong. The exchange assured that products listed for specific regions meet local compliance requirements, ensuring they are not available in the Hong Kong market.