Despite a high trust score from CoinGecko, Bybit is blacklisted by the AMF and faces legal challenges in France. The exchange also exited Canada and the UK due to regulatory pressures.
The French Financial Markets Authority (AMF) has issued a warning to cryptocurrency users and retail investors regarding Bybit, urging them to exercise "maximum vigilance" with the exchange. Bybit has been on the AMF's blacklist since May 20, 2022, and is not authorized to offer cryptocurrency services in France.
The AMF highlighted that providing digital asset custody services requires prior registration to prevent money laundering and terrorist financing, and to protect retail investors. According to the monetary and financial code, the AMF reserves the right to take legal action to block Bybit's operation and website in France.
This announcement has sparked mixed reactions on social media platform X, with some users appreciating the warning and others criticizing the AMF for restricting investment choices. One user commented, "Ok, so we’re going to have to go to even riskier platforms to guarantee our freedom to invest our hard-earned money as we wish, great protection."
Bybit is also unauthorized in other countries. The exchange exited Canada last year following increased due diligence orders from the Canadian Securities Administrators. In the United Kingdom, Bybit departed due to strict marketing rules enforced in October. Despite these restrictions, Bybit maintains a top trust score in the CoinGecko ranking.
