Bybit’s Journey to Compliance
Crypto exchange Bybit has officially resolved its regulatory issues in France, according to CEO Ben Zhou. On Friday, Zhou announced that the exchange is no longer considered to be operating illegally in the country, marking a significant milestone for the platform.
Blacklist Status Lifted
For over two years, Bybit was listed on France’s regulatory blacklist maintained by the Autorité des Marchés Financiers (AMF). Zhou shared the news in a post on X, revealing that after extensive collaboration with French regulators and a series of remedial actions, Bybit has successfully been removed from the AMF blacklist.
A quick check of the AMF database confirms that Bybit, which ranks as the second-largest cryptocurrency exchange globally by volume, is no longer featured on this restrictive list.
Previous Warning and Actions Taken
Just last May, the AMF issued warnings to the public, stating that Bybit was not authorized to operate within France. The regulator advised potential investors to take precautionary measures, suggesting that they should prepare for the platform to cease operations. In response to this notice, Bybit announced it would halt its services for French nationals.
Looking Ahead: Markets in Crypto Assets License
With the regulatory hurdles now cleared, CEO Ben Zhou expresses optimism about the future, particularly regarding the acquisition of a Markets in Crypto Assets (MiCA) license. This license is highly sought after, as it would allow Bybit to operate across all 30 nations in the European Economic Area.
Bybit’s Resilience in the Face of Regulation
Bybit has demonstrated its ability to recover from regulatory challenges before. Recently, the exchange successfully secured a license in India after paying a $1 million fine, showcasing its commitment to compliance and adaptability.
As Bybit continues to navigate the complex landscape of cryptocurrency regulation, its recent progress in France is a promising step toward broader acceptance and operation in Europe.
Conclusion
While neither Bybit nor the AMF has commented further on this development, the exchange’s removal from the blacklist signifies a pivotal moment in its efforts to establish a compliant and reputable presence in the European market.
