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Bybit, a major crypto trading platform, is no longer on France’s Autorité des Marchés Financiers (AMF) blacklist. The company had been blacklisted since May 2022 for failing to comply with local regulations, but recent updates confirm its removal.
Why Was Bybit Blacklisted?
- Bybit was added to the AMF’s blacklist in May 2022 for operating without authorization.
- The AMF issued a warning about Bybit’s status in May 2024 but later updated the release, stating the information was outdated.
- Bybit left the French market in early 2024, stopping withdrawal and custody services for local users on Jan. 8 due to regulatory pressure.
Bybit’s Next Steps
- CEO Ben Zhou revealed on Feb. 14 that Bybit had been working with the French regulator for over two years to address compliance issues.
- The exchange is now seeking a Markets in Crypto-Assets Regulation (MiCA) license, which would allow it to operate legally across the European Union (EU).
Regulatory Challenges Abroad
- Bybit still faces restrictions in other countries:
- Malaysia: Ordered to halt operations by local regulators.
- India: Suspended services due to increasing regulatory scrutiny.
MiCA Framework Encouraging Crypto Expansion
- Other exchanges are also pursuing MiCA compliance to expand in Europe:
- Bitget is working on obtaining a MiCA license after securing crypto service approvals in Bulgaria, Poland, and Lithuania.
- OKX and Crypto.com have already received full MiCA licenses, enabling them to provide regulated crypto services across the EU.
