France's securities regulator, the Autorité des Marchés Financiers (AMF), has issued a new warning against cryptocurrency exchange Bybit. The regulator urged customers to be prepared in case the platform suddenly stops serving French customers.
In a statement published today, the AMF said Bybit was not registered as a digital asset service provider (DASP) and was therefore operating illegally in France. The exchange has been on the AMF's blacklist since May 20, 2022, due to its alleged illegal activities by the authorities.
AMF reminded investors that it “reserves the right to take legal action to block the website of this platform, in accordance with the provisions of the Monetary and Financial Law.” He also advised individual investors to “take all necessary precautions to avoid being unable to access their assets.”
The AMF's warning echoes a similar warning issued against Bybit by Hong Kong's financial regulator. In March, the Hong Kong Securities and Futures Commission (SFC) added Bybit to its list of suspicious crypto exchanges and warned the public that the exchange was unlicensed.
Last year, Bybit withdrew from Canada and the United Kingdom due to regulatory pressure.
*This is not investment advice.