AMF Warns Investors that Digital Asset Platform BYBIT May Soon Cease Providing Services in France

The Autorité des Marchés Financiers (AMF) in France is telling investors to “exercise the utmost vigilance with regard to proposal investments made to the public residing in France by the digital asset trading platform BYBIT.”

BYBIT operates elsewhere, including in Dubai where it received a Minimum Viable Product (MVP) Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA).

The AMF states that BYBIT is not approved to offer digital asset services in France and adds that it may take legal action to block the site.

The AMF notes that BYBIT has been blacklisted by the AMF since 20 May 2022 for non-compliance with current French regulations.

Under the Fench Monetary and Financial Code, digital asset services are subject to prior mandatory registration as a digital asset service provider (DASP).  Unregistered platforms providing these services in France are illegal under French law.

The AMF advises French investors to plan for the platform to “suddenly cease to provide services to the public residing in France.”

 


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