Bybit’s AMF blacklist removal marks a key regulatory milestone as the exchange navigates compliance efforts and seeks a MiCA license for EU-wide operations.
Cryptocurrency exchange Bybit has been officially removed from France’s Autorité des Marchés Financiers (AMF) blacklist after more than two years of regulatory compliance efforts.
This is an important step for the exchange as it works to secure a Markets in Crypto-Assets (MiCA) license, which would allow it to operate legally throughout the European Union (EU), according to an X post published Feb. 14 by Ben Zhou, co-founder and CEO of Bybit.
Bybit has been blacklisted by the AMF, France’s financial markets regulator, since 2022.
In an announcement on May 16, 2024, the AMF reiterated that Bybit remains an unregistered crypto platform operating illegally in France, offering digital asset services on behalf of third parties without proper authorization. The regulator emphasized its authority to restrict access to Bybit’s website, stating that the exchange continues to provide services illegally.
On Dec. 17, 2024, Bybit announced that it would suspend withdrawal and custody services for French users starting Jan. 8, 2025, citing increased scrutiny from French financial authorities.
Bybit also urged affected French users to withdraw their funds before this deadline to avoid complications in accessing their assets.
Additionally, the exchange is encountering regulatory challenges in multiple international markets. In Malaysia, the securities regulator has ordered the exchange to cease operations, while regulatory pressures in India have compelled Bybit to suspend its services in the country.
Bybit’s removal from the AMF blacklist is part of its broader strategy to align with European regulations and pursue a MiCA license, which is set to become a requirement for crypto exchanges operating within the EU.
The MiCA framework, scheduled to take full effect in 2024-2025, establishes a harmonized regulatory environment for digital asset service providers, ensuring consumer protection, financial stability, and anti-money laundering (AML) compliance.
Bybit is not alone in its pursuit of MiCA compliance. In November 2024, cryptocurrency exchange Gemini took a major step by registering as a Digital Asset Service Provider (DASP) in France, securing a legal foothold in the EU market.
Gemini has also received in-principle approval in Malta for an Investment Firm license, which will allow the exchange to offer perpetual contracts across the EU. However, this approval remains subject to pre-authorization requirements from the Malta Financial Services Authority (MFSA).
The latest in-principle approval follows Gemini’s decision to establish Malta as its EU hub and primary jurisdiction for its MiCA application.
In January, major crypto exchanges such as Bitpanda, OKX and Crypto.com already secured MiCA licenses, allowing them to operate in the 30 countries within the European Economic Area (EEA) – 27 EU countries plus Iceland, Liechtenstein and Norway.
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