French Regulator Warns About Bybit, Cites Blacklisting

The French Financial Markets Authority (AMF) told cryptocurrency users and retail investors to be cautious with Bybit, asking the French to exercise “maximum vigilance” over the exchange.

The French regulator noted that Bybit has been on the blacklist since May 20, 2022, and is not authorized to offer cryptocurrency services in France.

France Remembers That Bybit Is On the Blacklist

The AMF recalled that providing digital asset custody services is subject to mandatory prior registration. It helps to prevent money laundering and terrorist financing and also imposes specific measures to protect retail investors.

However, according to the monetary and financial code, the AMF reserved the right to take legal action to block Bybit’s operation and website in France. The regulator invited users to “stay alert” if the exchange stops providing services in the country.

The announcement generated mixed opinions on X. Some appreciated the recommendations, while others questioned the AMF for “wanting to tell people where to invest their money.”

“Ok, so we’re going to have to go to even riskier platforms to guarantee our freedom to invest our hard-earned money as we wish, great protection. Create a secure and attractive platform that will be better for protecting us,” claimed a user on X.

France is not the only country where Bybit is unauthorized. Last year, the exchange exited Canada after increased due diligence orders from the Canadian Securities Administrators. In the United Kingdom, Bybit departed due to strict marketing rules enforced in October.

Read more: Bybit Review 2024: Review of Its Security, Fees, and Features

Trust Core Bybit. Source: CoinGecko

Despite some restrictions, Bybit is on the top list of centralized exchanges due to its 10/10 trust core rating, which shows it is reliable and safe to use.