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June 22, 2024
Regulatory News

French Securities Regulator Warns Investors Against Crypto Exchange Bybit

France’s securities regulator has issued a renewed warning in opposition to crypto trade Bybit, urging clients to “make preparations for the eventuality that the platform [may] instantly stop to offer companies” to clients in France.

In a Thursday discover, the Autorité des Marchés Financiers (AMF) stated that the trade was not registered as a digital asset service supplier (DASP) and was due to this fact providing its companies illegally in France. Bybit has been blacklisted by the AMF since Could 20, 2022 for working illegally.

The discover seems to trace at a doable coming enforcement motion in opposition to the platform, reminding buyers that the AMF “reserves the suitable, below the phrases of the Financial and Monetary Code, to take authorized motion to dam the web site of this platform” and that retail buyers ought to “take all essential measures to keep away from being unable to entry their belongings.”

The warning from the AMF echoes an analogous warning in opposition to Bybit by Hong Kong’s monetary regulator – in March, the Securities and Futures Fee (SFC) added Bybit to its record of suspicious crypto exchanges and warned the general public that the trade is unlicensed.

Bybit didn’t reply to CoinDesk’s request for remark by press time.

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