World Crypto Global
- Written by: Tareq Sikder
- Tue, 02 Apr 2024
- Israel
The Financial Markets Authority (AMF) has issued a warningto savers in France regarding investment proposals by the digital asset tradingplatform BITGET. The AMF emphasized the need for utmost vigilance, highlightingthat BITGET is not authorized to provide its services on digital assets withinFrance. As a consequence, the AMF is prepared to take legal action to block theplatform's site.AMF Targets Unregistered Digital Asset PlatformsUnder the monetary and financial code, certain activitiesrelated to digital assets, including custody services, purchase or sale ofdigital assets, and operation of digital asset trading platforms, necessitatemandatory registration as a digital asset service provider (PSAN). Thisregistration ensures compliance with regulations aimed at combating moneylaundering and terrorism financing, as well as verifying the integrity andcompetency of management and shareholders, thereby safeguarding the interestsof investors.BITGET, however, has not obtained the required registrationas a PSAN and has been providing digital asset services in France withoutauthorization. Consequently, the platform has been on the AMF blacklist sinceNovember 7, 2023, due to non-compliance with French regulations. The AMF, empowered by the monetary and financial code,reserves the right to pursue legal action to block the site of BITGET and othersimilar platforms operating illegally in France.Tu vas en bas sur le site de lAMF et tu tapes le nom de bitget et tu vois quils sont sur la liste noire. pic.twitter.com/N3BUqs0cmK Adam Meursault (@Adam_Meursault) March 11, 2024AMF Advises Precautions amidst BITGET Service Disruption ConcernsIn light of these developments, the AMF advised Frenchsavers who have invested through BITGET to take necessary precautions tomitigate risks associated with a potential disruption in service provision.Savers have been urged to organize their affairs to prevent any potential loss ofaccess to their assets, be they digital assets or derivatives thereof.This article was written by Tareq Sikder at www.financemagnates.com.
