Bybit Successfully Exits French Regulatory Blacklist
In a significant development for the cryptocurrency exchange Bybit, the company is no longer considered to be operating illegally in France, according to a statement from its CEO, Ben Zhou, on Friday. Bybit had been on the blacklist of the Autorité des Marchés Financiers (AMF) for over two years, which is a regulatory body responsible for overseeing financial markets in France.
“After more than two years of working diligently with the French regulator through multiple remediation efforts, BYBIT is now officially removed from the France AMF blacklist,” Zhou announced in a post on X, formerly known as Twitter.
A check of the AMF’s database corroborates Zhou’s claim, confirming that Bybit, which ranks as the second-largest global exchange by trading volume, is no longer listed among barred entities. This marks a notable turnaround for the platform, especially considering that just last May, the regulator had issued warnings advising the public that Bybit was not authorized to operate within the country, urging investors to take steps to ensure the platform “ceases” its activities in France.
Following these advisories, Bybit took proactive measures, announcing that it would halt the offering of its products to French nationals. However, Zhou is now optimistic about the future, expressing hopes that the exchange will soon secure a Markets in Crypto Assets (MiCA) license. “MiCA license next,” he indicated in his recent post on X, highlighting the importance of this regulatory step.
The MiCA license is highly sought after, as it would enable Bybit and other companies to operate across the 30 nations comprising the European Economic Area, providing a more stable regulatory environment for crypto operations.
Bybit, based in Dubai, has demonstrated resilience in navigating regulatory challenges. Recently, it successfully obtained a license in India after addressing compliance issues and paying a $1 million fine. This adaptability underscores the exchange’s commitment to aligning with regulatory standards globally.
As of now, neither Bybit nor the AMF has responded to requests for further comments regarding this development.
