Bybit’s Rollercoaster Ride: From Blacklist to MiCA License Dreams!

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In a twist befitting a tragicomedy, Bybit has been ceremoniously plucked from the depths of France’s Autorité des Marchés Financiers (AMF) blacklist. Ah, the sweet taste of redemption! 🍷

Once condemned for “non-compliance” with the local rules—those pesky little things that keep the financial world spinning—Bybit has now been granted a reprieve. CryptoMoon, the herald of crypto tidings, has confirmed that the trading platform no longer graces the AMF’s infamous list of “unauthorized companies and websites.” What a relief! Or is it? 🤔

Yet, in a delightful twist of irony, a press release from the AMF, dated May 2024, once warned the public of Bybit’s blacklisted status. But lo and behold! A disclaimer now adorns the release, stating: “The information in this press release is no longer up to date.” How reassuring! One can only wonder how many other “outdated” pieces of information are lurking in the shadows. 🕵️‍♂️

In a dramatic exit, the exchange bid adieu to the French market, informing its clients that withdrawal and custody services would be halted from January 8. The reason? Increasing regulatory scrutiny from the local financial watchdog. Because who doesn’t love a good game of cat and mouse? 🐱🐭

Bybit’s CEO, Ben Zhou, took to the airwaves on February 14, announcing that the exchange has been engaged in a long and arduous dance with the French regulator for over two years. Now, they are setting their sights on obtaining a Markets in Crypto-Assets Regulation (MiCA) license in the European Union. A noble quest, indeed! 🏰

However, the road ahead is fraught with peril. The exchange faces additional regulatory hurdles abroad, as the securities regulator in Malaysia has ordered it to halt operations. Meanwhile, the relentless regulatory pressure has forced Bybit to suspend its services in India. It seems the world of crypto is not for the faint of heart! 💔

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2025-02-14 14:30