Customers of the cryptocurrency exchange Bybit are being cautioned once more by France’s securities regulator to “make arrangements for the eventuality that the platform [may] suddenly cease to provide services.” The exchange was providing its services unlawfully in France because it was not registered as a digital asset service provider (DASP), according to a notification released by the Autorité des Marchés Financiers (AMF) on Thursday. Since May 20, 2022, Bybit has been placed on the AMF’s blacklist due to its illegal operations.
Reminding investors that the AMF “reserves the right, under the terms of the Monetary and Financial Code, to take legal action to block the website of this platform” and advising retail investors to “take all necessary measures to avoid being unable to access their assets,” the notice seems to allude to a potential enforcement action against the platform that may be imminent.
The Securities and Futures Commission (SFC) of Hong Kong added Bybit to its list of dubious cryptocurrency exchanges in March and alerted the public that the exchange is unlicensed. The Asian Monetary Fund (AMF) has issued a similar warning on Bybit. In response to regulatory pressure, Bybit withdrew from Canada and the UK last year.