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The French regulator announced a possible blocking of the Bybit platform

Regulation: The French regulator announced a possible blocking of the Bybit platform

The French financial markets regulator (AMF) has issued a warning to investors about the possible restriction of access to the Bybit platform's website. It also noted that the #cryptocurrency exchange has been blacklisted since May 20, 2022 due to rule violations.

"AMF advises retail investors to exercise extreme caution when considering investing in digital asset trading platform Bybit. The platform is not authorized to offer its digital asset trading services in France. AMF reserves the right to apply legal measures to block the platform's website," - the regulator said.

The statement also emphasized that in order to offer services related to buying, selling, exchanging and storing digital assets on behalf of third parties in France, one must be registered as a digital asset service provider (DASP).

"Unregistered platforms offering such services in France are considered illegal under local law. Bybit is not registered as a DASP,"the AMF said in a statement.

According to the regulator, registration allows to maintain public order, prevent #money laundering and #financing of terrorism, as well as to apply special measures to protect retail investors.

It is worth noting that a survey conducted in France in November 2023 showed that cryptocurrencies ranked second among the most preferred types of investment assets among local adults.

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