Protecting French consumers from the pitfalls of digital finance has become the AMF's favorite sport. The Financial Markets Authority is increasing its warnings to protect savers from dubious platforms. The latest to find itself in the crosshairs of the AMF? BYBIT, this crypto exchange, which, behind its tempting promises, hides illegal and risky practices.
BYBIT, the crypto scam? The AMF sounds the alarm
“ The Financial Markets Authority (AMF) recently reminded investors to remain very vigilant regarding Bibyt, the third largest offshore stock market. The AMF said BYBIT is not licensed to provide digital asset services in France and could take legal action to block the website. »
The Financial Markets Authority (AMF), the one that authorized the registration of crypto companies like Binance and SG-Forge, has struck again. This time, it's BYBIT, a crypto exchange platform, which finds itself in the spotlight.
In a impactful press release, the AMF urges French investors to exercise extreme vigilance in the face of the sirens of BYBIT, which seduces with its promises of quick enrichment. But be careful, behind this smokescreen hides a much less glamorous reality.
BYBIT, in fact, does not have the papers in order. Not approved to offer its services in France, the platform appears on the AMF blacklist since May 20, 2022. Pattern ? Non-compliance with French regulations. Yes, the monetary and financial code is clear: any platform offering digital asset services must imperatively register as a digital asset service provider (PSAN). A legal detail which has obviously not disturbed BYBIT, but which could be costly for its French users who hold Ethereum and/or Bitcoin (BTC).
The AMF does not beat around the bush. She is even considering taking legal action to block the site. And she strongly advises investors to prepare for an abrupt cessation of BYBIT services. “ If you have assets on this platform, hurry to repatriate them or transfer them to a duly registered platform », Warns the AMF.
Sound advice, especially since the white list of registered PSANs is available on the AMF website.
This call to order is part of a series of warnings from the AMF aimed at protect savers from questionable practices of non-compliant platforms. As the US SEC does so well.
It seems that digital finance has become a minefield, where each click can lead to the loss of one's savings. So, be careful! Before diving into the crypto world, it is better to check that the platform you are betting on is in good standing. Otherwise, beware of the cold shower!
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