rewrite this title Bybit Cleared from France’s AMF Blacklist, Sets Sights on MiCA Compliance – Crypto-News.net

Cryptocurrency exchange Bybit has been officially removed from the blacklist maintained by France’s Autorité des Marchés Financiers (AMF) after more than two years of obeying regulatory guidelines.

Notably, this milestone positions Bybit for its next major regulatory goal: securing a Markets in Crypto-Assets (MiCA) license to expand its operations across the European Union (EU).

Bybit Co-founder and CEO Ben Zhou announced the development on Feb. 14, stating, “After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist. MiCA license next.”

Bybit AMF Blacklist Background

Bybit had been blacklisted by the AMF since 2022 for operating as an unregistered crypto service provider. In May 2024, the regulator reaffirmed Bybit’s unregistered status, warning that the exchange was providing digital asset services illegally in France. The AMF also noted its authority to block access to Bybit’s website if violations continued.

Amid increasing regulatory pressure, Bybit announced on Dec. 17, 2024, that it would suspend withdrawal and custody services for French users starting Jan. 8, 2025. The exchange urged affected users to withdraw their funds before the deadline to avoid potential service disruptions.

MiCA Licensing: A Key Objective for Bybit

Bybit’s removal from the AMF blacklist aligns with its broader strategy to comply with European regulatory requirements. The company is now focused on obtaining a MiCA license, which will become a prerequisite for crypto exchanges operating within the EU.

This latest regulatory milestone underscores its commitment to compliance as it navigates the evolving landscape of crypto regulation in Europe. Obtaining a MiCA license would provide the exchange with a stable regulatory framework for EU-wide operations, allowing it to legally offer digital asset services to millions of users.

MiCA, a comprehensive regulatory framework, aims to create uniform standards for digital asset service providers. The framework includes provisions for consumer protection, financial stability, and anti-money laundering (AML) compliance.

Several major cryptocurrency exchanges have already taken steps to secure MiCA licenses. In our previous article, Gemini obtained in-principle approval in Malta for an Investment Firm license, allowing it to offer perpetual contracts within the region, pending further approval from the Malta Financial Services Authority (MFSA).

Gemini registered as a Digital Asset Service Provider (DASP) in France in November 2024, securing its legal status in the EU market.

With the MiCA framework set to reshape the industry, compliance will be a crucial factor for exchanges seeking long-term sustainability in the European market.