Cryptocurrency trade Bybit has been formally faraway from the blacklist maintained by France’s Autorité des Marchés Financiers (AMF) after greater than two years of obeying regulatory tips.
Notably, this milestone positions Bybit for its subsequent main regulatory objective: securing a Markets in Crypto-Property (MiCA) license to broaden its operations throughout the European Union (EU).
Bybit Co-founder and CEO Ben Zhou introduced the event on Feb. 14, stating, “After greater than 2 years of working with the French regulator via a number of remediation efforts, BYBIT is now formally faraway from France AMF blacklist. MiCA license subsequent.”
Bybit AMF Blacklist Background
Bybit had been blacklisted by the AMF since 2022 for working as an unregistered crypto service supplier. In Might 2024, the regulator reaffirmed Bybit’s unregistered standing, warning that the trade was offering digital asset companies illegally in France. The AMF additionally famous its authority to dam entry to Bybit’s web site if violations continued.
Amid rising regulatory stress, Bybit introduced on Dec. 17, 2024, that it will droop withdrawal and custody companies for French customers beginning Jan. 8, 2025. The trade urged affected customers to withdraw their funds earlier than the deadline to keep away from potential service disruptions.
MiCA Licensing: A Key Goal for Bybit
Bybit’s removing from the AMF blacklist aligns with its broader technique to adjust to European regulatory necessities. The corporate is now centered on acquiring a MiCA license, which can grow to be a prerequisite for crypto exchanges working throughout the EU.
This newest regulatory milestone underscores its dedication to compliance because it navigates the evolving panorama of crypto regulation in Europe. Acquiring a MiCA license would supply the trade with a steady regulatory framework for EU-wide operations, permitting it to legally provide digital asset companies to tens of millions of customers.
MiCA, a complete regulatory framework, goals to create uniform requirements for digital asset service suppliers. The framework consists of provisions for shopper safety, monetary stability, and anti-money laundering (AML) compliance.
A number of main cryptocurrency exchanges have already taken steps to safe MiCA licenses. In our earlier article, Gemini obtained in-principle approval in Malta for an Funding Agency license, permitting it to supply perpetual contracts throughout the area, pending additional approval from the Malta Monetary Companies Authority (MFSA).
Gemini registered as a Digital Asset Service Supplier (DASP) in France in November 2024, securing its authorized standing within the EU market.
With the MiCA framework set to reshape the business, compliance can be a vital issue for exchanges looking for long-term sustainability within the European market.
