AMF, France's Financial Commission Warns Investors From Using ByBit, Due To Ban
The financial commission of France, referred to as Autorite des Marches Financiers (AMF), has announced a warning on the 16th of May 2024; to investors, urging them to stop trading cryptocurrencies on ByBit.
ByBit, at the moment is among the popularly recognized cryptocurrency exchanges in the world. It has experienced remarkable expansion since the last few years. ByBit reached a registered customers of 20 million mark in 2023, 5 years after its running.
But, the France financial commission has been thoroughly investigating the operations of ByBit, as it hasn't been complying with the regulatory requirements of AMF. Due to that, ByBit was blacklisted on the 20th of May 2022, by the French regulators.
AMF emphasized that in France, ByBit hasn't been licensed by the Digital Asset Service Provider (DASP). And that the French regulator may choose to at any given time block ByBit's website; warning French investors to secure their funds.