France’s AMF issues warning against BITGET for unauthorized digital asset services.
The French Financial Markets Authority, the Autorité des Marchés Financiers (AMF), warned against BITGET, citing unauthorized digital asset services. The AMF regularly updates its black lists of new websites and entities “proposing typical investments to investors in France without being authorized.”
According to the regulator, blockchain exchange Bitget has been offering investment products without being authorized to provide such crypto services. To protect investors from potentially fraudulent investments, AMF and the French Prudential Supervision and Resolution Authority (ACPR) added Bitget to the updated list of unauthorized investment providers to be blacklisted.
The monetary and financial code in France requires mandatory registration as a digital asset service provider (PSAN) for specific activities related to digital assets, such as custody services, buying or selling digital crypto assets, and operating digital asset trading platforms. This registration ensures compliance with regulations aimed at preventing money laundering and terrorism financing, as well as ensuring the integrity and competency of management and shareholders, thereby protecting the interests of investors.
The blockchain exchange Bitget, however, has yet to obtain the necessary registration as a PSAN and has been offering digital asset services in France without authorization. As a result, the platform has been included on the AMF blacklist since November 7, 2023, due to non-compliance with French regulations.
The AMF, empowered by the monetary and financial code, reserves the right to take legal action to block Bitget’s website and other similar platforms operating illegally in France. The regulatory body also stressed the importance of being cautious, noting that blockchain exchange BITGET lacks authorization to provide its blockchain services related to digital assets within France. Consequently, the AMF is prepared to take legal measures to block access to the platform’s website.
The authority strongly recommended that investors follow the list of authorized investment providers using the online register of financial service providers and the list of authorized providers in the financial investment advisor or crowdfunding categories.
Since the establishment of the blacklist in 2017, which initially targeted websites illegally offering diamonds for investment, the AMF has expanded the list to include over 400 unauthorized internet addresses across various categories, such as livestock, wines, or champagne.