Bybit removed from AMF blacklist, eyes MiCA compliance for EU growth
Bybit CEO Ben Zhou has confirmed that the crypto exchange is no longer on the blacklist of Frances financial regulator, the Autorité des Marchés Financiers (AMF).
This follows over two years of engagement with the regulator to address compliance concerns.
In a Feb. 14 post on X, Zhou said:
After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist.
Bybit faced regulatory challenges in France, leading to the suspension of its operations in the country in 2024.
At the time, the AMF warned investors that the platform was not registered and even considered legal action due to its non-compliance.
MiCA compliance
Following its removal from the blacklist, Bybit is now working toward securing a Markets in Crypto-Assets Regulation (MiCA) license for operations in the European Union.
MiCA, which took effect this year, is the regions first comprehensive crypto regulatory framework.
It establishes unified rules for crypto businesses, enhancing consumer protection, preventing market manipulation, and ensuring regulatory compliance.
Several major crypto firms, including Crypto.com, Coinbase, Gemini, MoonPay, Kraken, and OKX, have obtained the necessary licenses to continue serving European users.
Adapting to institutional demand
Meanwhile, Bybit is also restructuring its trading services by migrating its Options platform to Tethers USDT. The move aims to boost liquidity and cater to the needs of institutional traders.
Zhou highlighted that the transition was driven by market demand for a more stable and efficient trading environment.
USDT, the largest stablecoin with a market cap exceeding $140 billion, is widely used in crypto trading due to its liquidity and price stability.
Bybits shift to USDT-based Options trading is expected to attract institutional investors seeking enhanced market efficiency.
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Text source: CryptoSlate
