Crypto: The AMF warns about the risks of BYBIT.

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

BYBIT, the crypto scam? The AMF sounds the alarm

The French Financial Market Authority (AMF) recently reminded investors to remain highly vigilant about Bybit, the third largest offshore exchange. The AMF stated that BYBIT is not approved to provide digital asset services in France and may take legal action to block the…

— Wu Blockchain (@WuBlockchain) May 16, 2024

The Autorité des Marchés Financiers (AMF), which authorized the registration of crypto companies like Binance and SG-Forge, has struck again. This time, it’s BYBIT, a crypto exchange platform, that finds itself in the spotlight.

In a striking statement, the AMF urges French investors to exercise extreme vigilance in the face of BYBIT’s lure, which attracts with its promises of rapid enrichment. But beware, behind this allurement lies a much less glamorous reality.

Indeed, BYBIT does not have the proper paperwork. Not authorized to offer its services in France, the platform has been on the AMF’s blacklist since May 20, 2022. The reason? Non-compliance with French regulations. Yes, the monetary and financial code is clear: any platform offering digital asset services must register as a digital asset service provider (DASP). A legal detail that apparently hasn’t disturbed BYBIT, but which could be costly for its French users holding Ethereum and/or Bitcoin (BTC).

The AMF does not mince words. It is even considering taking legal action to block the website. And it strongly advises investors to prepare for a sudden cessation 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.

Sound advice, especially since the whitelist of registered DASPs is available on the AMF’s website.

This call to order is part of a series of warnings from the AMF aimed at protecting savers from the dubious practices of non-compliant platforms. Much like what the SEC in the USA does.

It seems that digital finance has become a minefield, where each click can lead to losing one’s savings. So, be cautious! Before diving into the crypto universe, it’s better to check that the platform you’re betting on is compliant. Otherwise, be prepared for a rude awakening!