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Summary

Bybit is under investigation by the French government for regulatory violations despite reaching a milestone of 20 million users worldwide. The Autorité des Marchés Financiers (AMF) in France has threatened legal action against Bybit for operating without proper registration.

Introduction

Bybit, a cryptocurrency exchange, is facing scrutiny from the French authorities as they investigate the platform for regulatory breaches. The AMF has issued warnings to retail investors regarding Bybit’s unregistered status, leading to the potential prohibition of its operations in France.

Main Points

Bybit’s ongoing struggle with French regulations stems from its failure to meet the legal requirements for registration as a digital asset service provider in the country. Despite Bybit’s commitment to compliance and plans to exit the French market in 2023, the AMF has threatened legal action to block its access due to the lack of registration.

The AMF aims to protect investors and maintain public order by enforcing strict regulations, including assessing executives’ integrity, preventing money laundering, and combatting terrorism funding. Investors using Bybit are advised to prepare for potential service interruptions and to verify the official whitelist of registered DASPs before investing in cryptocurrencies.

Conclusion

Bybit’s regulatory challenges in France highlight the importance of compliance in the cryptocurrency industry. As the investigation unfolds, the exchange faces potential legal repercussions for operating without the necessary registration, emphasizing the need for adherence to local regulations.

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