The Autorité des Marchés Financiers (AMF) has sent a warning message to users and investors of Bybit to apply caution when dealing with the exchange. Per the financial market’s regulator, Bybit is not a registered crypto exchange in France and thus is not authorized to provide digital asset services in the country.
Bybit is one of many crypto exchanges that has been servicing users in France. However, it has failed to obtain approval from the AMF to operate within French jurisdiction. This has resulted in it being blacklisted since May 20, 2022, due to its non-compliance with French regulations.
Bybit is a cryptocurrency derivatives platform founded in 2018, headquartered in Singapore, with users globally. Bybit offers various trading products, including spot and derivatives trading, and features like Bybit Savings, Dual Assets, and Copy Trading.
The platform also provides a mascot design and app explainer videos to enhance customer education and engagement. Bybit’s order types include Market Order, Limit Order, and Conditional Order, catering to different trading strategies and preferences.
According to the AMF, no organization offering digital asset services is permitted to do so until they are registered as a Digital Asset Service Provider (DASP). The inability of the Singaporean exchange has made it unfit to keep serving its French users. There is a possibility that the exchange’s website will be inaccessible to users.
Bybit has also encountered various regulatory issues in different jurisdictions. In Hong Kong, the Securities and Futures Commission (SFC) has warned investors about Bybit and flagged several of its products as suspicious investments due to the exchange’s lack of licensing.
The SFC highlighted concerns about potential risks to investors engaging with Bybit’s offerings, with emphasis on the importance of investor protection and regulatory compliance.
On the other hand, Bybit has taken steps to enhance its regulatory compliance in other regions. Bybit has obtained licenses in Cyprus, Dubai, and the Netherlands, demonstrating its commitment to adhering to local regulations and expanding its legal operations in these countries.
