The post Bybit Removed from France’s AMF Blacklist After Two Years of Compliance Efforts appeared first on Coinpedia Fintech News
In a latest development, Bybit has been taken off France’s Autorité des Marchés Financiers (AMF) blacklist, a company executive confirmed. The platform had been had been on the blacklist since May 2022 for failing to meet local regulations.
Bybit CEO Ben Zhou announced on February 14 that the exchange has been working with the French regulator for over two years to address compliance issues and is now working to secure a Markets in Crypto-Assets Regulation (MiCA) license for the European Union. This is a key move for Bybit as it aims for the MiCA license, enabling legal operation across the European Union (EU).
On May 16, 2024, the AMF announced that Bybit remains an unregistered crypto platform operating illegally in France. The regulator stressed that Bybit is offering digital asset services without proper authorization and has the power to block access to its website.
Further, in December 2024, Bybit announced it would suspend withdrawal and custody services for French users starting January 8, 2025, due to increased scrutiny from French financial authorities. The exchange advised French users to withdraw their funds before the deadline to avoid any issues accessing their assets.
The exchange still faces regulatory challenges internationally. In Malaysia, the securities regulator ordered Bybit to stop operations, and in India, it had to suspend its services due to regulatory pressure.
