AMF's Warning: Crypto Trading Platform BYBIT Unauthorized and Blacklisted in France

According to a new warning issued on May 16, France’s securities regulator the Autorité des Marchés Financiers (AMF) calls on retail investors to be highly wary of investment advice provided by digital asset trading platform BYBIT to the public residing in France.

The AMF noted that BYBIT is not authorized to provide its digital asset services in France, and the digital asset trading platform has been blacklisted by the AMF since 20 May 2022 for non-compliance with current French regulations.

Under the Monetary and Financial Code, the provision of digital asset custody services on behalf of third parties, services to purchase or sell digital assets against legal tender, to trade digital assets for other digital assets, and to operate a digital asset trading platform, when these are provided in France, are subject to prior mandatory registration as a digital asset service provider (DASP). This registration makes it possible to maintain public order through the prevention of money laundering and terrorist financing, to verify the good repute and competence of its directors, or even to impose specific measures to protect retail investors.

Unregistered platforms providing these services in France are illegal under French law. BYBIT is not registered as a DASP.

The AMF reserves the right, under the terms of the Monetary and Financial Code, to take legal action to block the website of this platform, which is providing its services illegally in France.

In this regard, the AMF urges French retail investors investing in cryptocurrencies on BYBIT to take all necessary measures to avoid being unable to access their assets (digital assets or digital asset derivatives). All investors must make arrangements for the eventuality that the platform suddenly ceases to provide services to the public residing in France.