The Financial Markets Authority (AMF) has issued a warning
to savers in France regarding investment proposals by the digital asset trading
platform BITGET. The AMF emphasized the need for utmost vigilance, highlighting
that BITGET is not authorized to provide its services on digital assets within
France. As a consequence, the AMF is prepared to take legal action to block the
platform’s site.
AMF Targets Unregistered Digital Asset Platforms
Under the monetary and financial code, certain activities
related to digital assets, including custody services, purchase or sale of
digital assets, and operation of digital asset trading platforms, necessitate
mandatory registration as a digital asset service provider (PSAN). This
registration ensures compliance with regulations aimed at combating money
laundering and terrorism financing, as well as verifying the integrity and
competency of management and shareholders, thereby safeguarding the interests
of investors.
BITGET, however, has not obtained the required registration
as a PSAN and has been providing digital asset services in France without
authorization. Consequently, the platform has been 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 pursue legal action to block the site of BITGET and other
similar platforms operating illegally in France.
Tu vas en bas sur le site de l’AMF et tu tapes le nom de bitget et tu vois qu’ils sont sur la liste noire. pic.twitter.com/N3BUqs0cmK
— Adam Meursault (@Adam_Meursault) March 11, 2024
AMF Advises Precautions amidst BITGET Service Disruption Concerns
In light of these developments, the AMF advises French
savers who have invested through BITGET to take necessary precautions to
mitigate risks associated with a potential disruption in service provision.
Savers are urged to organize their affairs to prevent any potential loss of
access to their assets, be they digital assets or derivatives thereof.
The Financial Markets Authority (AMF) has issued a warning
to savers in France regarding investment proposals by the digital asset trading
platform BITGET. The AMF emphasized the need for utmost vigilance, highlighting
that BITGET is not authorized to provide its services on digital assets within
France. As a consequence, the AMF is prepared to take legal action to block the
platform’s site.
AMF Targets Unregistered Digital Asset Platforms
Under the monetary and financial code, certain activities
related to digital assets, including custody services, purchase or sale of
digital assets, and operation of digital asset trading platforms, necessitate
mandatory registration as a digital asset service provider (PSAN). This
registration ensures compliance with regulations aimed at combating money
laundering and terrorism financing, as well as verifying the integrity and
competency of management and shareholders, thereby safeguarding the interests
of investors.
BITGET, however, has not obtained the required registration
as a PSAN and has been providing digital asset services in France without
authorization. Consequently, the platform has been 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 pursue legal action to block the site of BITGET and other
similar platforms operating illegally in France.
Tu vas en bas sur le site de l’AMF et tu tapes le nom de bitget et tu vois qu’ils sont sur la liste noire. pic.twitter.com/N3BUqs0cmK
— Adam Meursault (@Adam_Meursault) March 11, 2024
AMF Advises Precautions amidst BITGET Service Disruption Concerns
In light of these developments, the AMF advises French
savers who have invested through BITGET to take necessary precautions to
mitigate risks associated with a potential disruption in service provision.
Savers are urged to organize their affairs to prevent any potential loss of
access to their assets, be they digital assets or derivatives thereof.
