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The website of Bybit has been blocked by the French Financial Market Authority (AMF) in response to illegal activities conducted within the country. This is a significant move. The country's leading cryptocurrency exchange, Bybit, is not authorized to provide digital asset services, as the AMF's latest statement emphasizes. As per the regulatory framework of the AMF, digital asset service providers (DASPs) are required to register with the authority prior to providing any public service, which includes operating trading platforms for cryptocurrencies. By preventing illegal actions like money laundering and financing of terrorism, this mandated registration helps to maintain public order and protects the interests of ordinary investors. Bybit and Bitget, Non-Compliance Issues The illegal activities of Bybit in France are reminiscent of a similar alert that the AMF sent out more than a month ago about Bitget, another cryptocurrency exchange. Similar to Bybit, Bitget is not registered as a DASP, which means that its digital asset services do not adhere to French laws. Bitget was thus placed on the AMF's blacklist effective November 7, 2023, due to its noncompliance with regulatory requirements. According to media reports from the previous year, Binance's French business has been the subject of a preliminary inquiry since February 2022 for allegedly offering cryptocurrency services without authorization. Regarding Binance's adherence to its anti-money laundering duties, questions were raised. But in a dramatic change of events that occurred in May 2023, Binance obtained a license from the French Financial Market Supervisory Commission to operate as a cryptocurrency service provider, which was a crucial step in the right direction toward regulatory compliance.

AMF

AMF Alerts Bybit Crypto Exchange on Compliance Matters

Societe Generale’s SG Forge Becomes First Licensed Cryptocurrency Service Provider in France