Bybit CEO Ben Zhou has confirmed that the crypto change is not on the blacklist of France’s monetary regulator, the Autorité des Marchés Financiers (AMF).
This follows over two years of engagement with the regulator to handle compliance issues.
In a Feb. 14 put up on X, Zhou mentioned:
“After greater than 2 years of working with the French regulator via a number of remediation efforts, BYBIT is now formally faraway from France AMF blacklist.”
Bybit confronted regulatory challenges in France, resulting in the suspension of its operations within the nation in 2024.
On the time, the AMF warned traders that the platform was not registered and even thought-about authorized motion because of its non-compliance.
MiCA compliance
Following its removing from the blacklist, Bybit is now working towards securing a Markets in Crypto-Property Regulation (MiCA) license for operations within the European Union.
MiCA, which took impact this yr, is the area’s first complete crypto regulatory framework.
It establishes unified guidelines for crypto companies, enhancing shopper safety, stopping market manipulation, and making certain regulatory compliance.
A number of main crypto companies, together with Crypto.com, Coinbase, Gemini, MoonPay, Kraken, and OKX, have obtained the required licenses to proceed serving European customers.
Adapting to institutional demand
In the meantime, Bybit can also be restructuring its buying and selling companies by migrating its Choices platform to Tether’s USDT. The transfer goals to spice up liquidity and cater to the wants of institutional merchants.
Zhou highlighted that the transition was pushed by market demand for a extra secure and environment friendly buying and selling surroundings.
USDT, the biggest stablecoin with a market cap exceeding $140 billion, is extensively utilized in crypto buying and selling because of its liquidity and value stability.
Bybit’s shift to USDT-based Choices buying and selling is predicted to draw institutional traders in search of enhanced market effectivity.
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