Bybit Removed from France’s AMF Blacklist After Two Years of Compliance Efforts
The company’s supervisor confirmed that in the latest developments, Bybit has been taken away by the French Autorité Desmarchés financier (AMF) Blacklist. The platform has been on the blacklist since May 2022 because they failed to comply with local regulations.
bybit Eyes Mica License
Bybit, CEO of Ben Zhou Announce On February 14, the exchange has worked with French regulators for two years to address compliance issues and is now working to secure a market for EU Crypto Asset Management Regulation (MICA) licenses. This is a key move by BYBIT as it aims to obtain a mica license, thus achieving legal operations throughout the EU (EU).
On May 16, 2024, AMF announced that BYBIT is still an unregistered encryption platform that operates illegally in France. Regulators stress that BYBIT provides digital asset services without proper authorization and has the right to block access to its website.
Bybit’s regulatory challenges
In addition, due to increased scrutiny by French financial authorities, Bybit announced in December 2024 that it would suspend withdrawal and custody services for French users starting on January 8, 2025. The exchange advises French users to withdraw their funds by the deadline to avoid any issues with obtaining assets.
The exchange still faces international regulatory challenges. In Malaysia, securities regulators ordered Bybit to cease operations, and in India it had to suspend its services due to regulatory pressures.
Mica framework to shape EU cryptocurrency market
The Mica Framework, which will come into effect in 2024-2025, creates a unified regulatory environment for digital asset providers, focusing on consumer protection, financial stability and AML compliance. Bybit is not a person seeking mica compliance. In November 2024, cryptocurrency exchange Gemini registered as a digital asset service provider (DASP) in France to ensure its legal existence in the EU market.
Additionally, in January, leading crypto exchanges such as Bitpanda, OKX and Crypto.com received mica licenses, enabling them to operate in 30 countries (EEAs) in the European Economic Area, including 27 EUs The country as well as Iceland, Liechtenstein and Norway.
