Bybit Removed From France’s AMF Blacklist After Compliance Efforts
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Bybit, a well-known cryptocurrency exchange, is no longer on France’s financial watchdog’s blacklist. The French regulator, Autorité des Marchés Financiers (AMF), had blacklisted Bybit in May 2022 for not following local financial rules. Back then, French authorities even warned people to stay away from the platform and use approved exchanges instead.
After more than two years of working with regulators and making changes, Bybit’s Chief Executive Officer, Ben Zhou, announced on X that the exchange is finally off the AMF’s blacklist.
Bybit’s Mission To Make Crypto Trading Easy, Fair, And Accessible
Bybit ws launched in March 2018 by Ben Zhou. It opened for everyone in December that year. At first, people used it to trade crypto in a special way, but later, it added more features. Now, people can buy and sell crypto, trade futures and options, and even get rewards.
Bybit wants to help more people use crypto and Web3. It calls itself #TheCryptoArk, a safe place where everyone can trade easily. It likes new ideas, being clear, and helping people.
It talks to users all the time in many languages. Bybit wanted to make crypto trading simple and safe. Just two months after opening, it made its first BTC/USD trade.
By 2019, Bybit had 5,000 users and was doing 10% of all Bitcoin trades. In May, it started making enough money to pay for itself. From the start, Bybit listened to users, made things better, and helped more people trade.
Bybit Aims For MiCA License To Expand In Europe Amid Regulatory Challenges
Now, the company is focusing on getting a Markets in Crypto-Assets (MiCA) license, which would allow it to legally operate across all 30 countries in the European Economic Area (EEA).
To fix its issues in France, Bybit stopped offering services to French users last year while working with regulators behind the scenes. After multiple discussions and adjustments, the AMF gave them the green light.
Even though things are looking better in France, Bybit still faces challenges in other countries. In Malaysia, regulators told the exchange to stop operating due to rule violations.
In India, Bybit had to shut down services for a while after facing regulatory pressure but later got approval after paying a $1 million fine.
Bybit isn’t the only crypto exchange chasing a MiCA license. Other major platforms like Bitget, OKX, and Crypto.com are also trying to get approval so they can expand in Europe.
It is a cryptocurrency exchange that helps people buy, sell, and trade digital currencies. It focuses on giving users a smooth experience with fast transactions and strong customer support. Right now, it’s the third-largest crypto exchange, with over 20 million users trading more than 1,000 different cryptocurrencies.
