The AMF warns of the risks of BYBIT

11:03 a.m. ▪ 3 min read ▪ by Mikaia A.

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 go under the AMF’s radar? 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), which authorized the registration of crypto companies like Binance and SG-Forge, has struck again. This time, it’s BYBIT, a cryptocurrency exchange platform, which is in the spotlight.

In a striking statement, the AMF calls on French investors to be extremely vigilant regarding the appeal of BYBIT, which seduces with its promises of quick enrichment. But be careful, behind this attraction hides a much less glamorous reality.

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

The AMF does not mince its words. He is even considering taking legal action to block the website. And he strongly advises investors to prepare for a sudden cessation of BYBIT services. “If you own 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 DASPs 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. A bit like what 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 careful! Before diving into the crypto world, it is better to check that the platform you are betting on is compliant. Otherwise, prepare for a rude awakening!

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Mikaïa A.

The blockchain and crypto revolution is underway! And the day when the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it

DISCLAIMER

The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.

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