Bybit Removed from France’s AMF Blacklist After Two Years of Compliance Efforts

In a latest development, bybit bybit - Centralised ExchangeCrypto trading and Information has been taken off France’s Autorité des Marchés Financiers (AMF) blacklist, a company executive confirmed. The platform had been had been on the blacklist since May 2022 for failing to meet local regulations.

ByBit Eyes MiCA License

Bybit CEO Ben Zhou announced on February 14 that the exchange has been working with the French regulator for over two years to address compliance issues and is now working to secure a Markets in Crypto-Assets Regulation (MiCA) license for the European Union. This is a key move for Bybit as it aims for the MiCA license, enabling legal operation across the European Union (EU).

On May 16, 2024, the AMF announced that Bybit remains an unregistered crypto platform operating illegally in France. The regulator stressed that Bybit is offering digital asset services without proper authorization and has the power to block access to its website.

ByBit’s Regulatory Challenges

Further, in December 2024, Bybit announced it would suspend withdrawal and custody services for French users starting January 8, 2025, due to increased scrutiny from French financial authorities. The exchange advised French users to withdraw their funds before the deadline to avoid any issues accessing their assets.

The exchange still faces regulatory challenges internationally. In Malaysia, the securities regulator ordered Bybit to stop operations, and in India, it had to suspend its services due to regulatory pressure.

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MiCA Framework to Shape EU Crypto Market

The MiCA framework, set to take 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 alone in seeking MiCA compliance. In November 2024, cryptocurrency exchange Gemini registered as a Digital Asset Service Provider (DASP) in France, securing its legal presence in the EU market.

Besides, In January, leading crypto exchanges like Bitpanda, OKX, and Crypto.com obtained MiCA licenses, enabling them to operate across the 30 countries in the European Economic Area (EEA), which includes the 27 EU countries as well as Iceland, Liechtenstein, and Norway.