AMF warns about risks of BYBIT

11h03 ▪ 3 minute read ▪ by Mikaia A.

Protecting French consumers from the pitfalls of digital finance has become the AMF’s favorite sport. The Autorité des Marchés Financiers is multiplying warnings to protect savers from dubious platforms. The latest to come under the AMF radar? BYBIT, this crypto exchange which, behind its tempting promises, hides illegal and risky practices.

BYBIT, the cryptocurrency scam? The AMF raises the alarm

The Autorité des Marchés Financiers (AMF), which authorized the registration of crypto companies such as Binance and SG-Forge, has struck again. This time it is BYBIT, a cryptocurrency exchange platform, that is in the spotlight.

In a surprising statement, The AMF urges French investors to exercise extreme vigilance in the face of the BYBIT recall, which attracts with its promises of quick enrichment. But be careful, behind this seduction lies a much less glamorous reality.

In fact, BYBIT does not have the proper documentation. Not authorized to offer its services in France, the platform was blacklisted by the AMF since 20 May 2022. The reason? Failure to comply with French legislation. Yes, the monetary and financial code is clear: any platform offering digital asset services must do so register as a digital asset service provider (DASP). A legal detail that apparently did not bother BYBIT, but which could cost dearly to its French users who hold Ethereum and/or Bitcoin (BTC).

The AMF does not mince words. Legal action to block the website is also being considered. And it strongly advises investors to prepare for a sudden termination of BYBIT’s services. “If you have assets on this platform, hurry to repatriate them or transfer them to a duly registered platform,” warns the AMF.

Good advice, especially since the whitelist of registered DASPs is available on the AMF website.

This call to order is part of a series of warnings issued by the AMF protect savers from dubious practices of non-compliant platforms. Just like the SEC does in the United States.

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It seems that digital finance has become a minefield, where every click can lead to losing your savings. So, be cautious! Before diving into the cryptocurrency universe, it is best to check that the platform you are betting on is compliant. Otherwise, prepare for a rude awakening!

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Mikaia A.

The blockchain and cryptocurrency revolution is underway! And on the day when the impacts are strong and the most vulnerable economy in the world is affected, against all hope, you will say that I was for what I chose

DISCLAIMER

The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.

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