AMF Cautions French Investors on Unregulated Trading Platform BITGET

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 Platforms

Under 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 Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term 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.

In light of these developments, the AMF advises Frenchsavers who have invested through BITGET to take necessary precautions tomitigate risks associated with a potential disruption in service provision.Savers are urged to organize their affairs to prevent any potential loss ofaccess to their assets, be they digital assets or derivatives thereof.

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 Platforms

Under 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 Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term 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.

In light of these developments, the AMF advises Frenchsavers who have invested through BITGET to take necessary precautions tomitigate risks associated with a potential disruption in service provision.Savers are urged to organize their affairs to prevent any potential loss ofaccess to their assets, be they digital assets or derivatives thereof.