French Regulator Warns Against Using Unregistered Exchange Bybit
CryptoNewsTerminal Staff16 May, 2024
French Regulator Warns Against Using Unregistered Exchange Bybit
The French financial regulator, Autorité des Marchés Financiers (AMF), has issued a warning to investors about using Bybit, an unregistered exchange. "Bybit is not registered in France and does not comply with French regulations," the AMF said in a statement. "We strongly advise investors to exercise caution when using this platform." The AMF said it is considering taking legal action to block Bybit's website in France. Bybit is a Seychelles-based exchange that offers a wide range of cryptocurrency trading services. It is one of the largest unregulated exchanges in the world, with a daily trading volume of over $1 billion. The AMF's warning is the latest in a series of regulatory actions against unregistered cryptocurrency exchanges. In recent months, regulators in the United States, the United Kingdom, and Canada have all taken action against such exchanges. Investors should be aware of the risks of using unregistered exchanges. These exchanges are not subject to the same regulations as registered exchanges, which means that investors may not be protected if something goes wrong.
