A Regulatory Victory in France After Two Years of Negotiations
Bybit, a cryptocurrency exchange, has been removed from the blacklist of the French Financial Markets Authority (AMF), according to a statement from its CEO, Ben Zhou. Bybit, which had been on the list since May 2022 for non-compliance with French regulations, is no longer included in the AMF’s register of ‘unauthorized companies and websites.’ An update to the AMF’s statement in May 2024 now states that the information is ‘no longer up to date,’ marking the end of over two years of battles and discussions with the regulator.
A Temporary Exit from the French Market Due to Regulatory Constraints
Despite this breakthrough, Bybit had announced its withdrawal from the French market, ceasing withdrawal and custody services for its clients as of January 8, 2025. This decision came in response to increased AMF controls, as the exchange continued its efforts to comply.
Objective MiCA: Conquering the European Market With a Crucial License
Meanwhile, Bybit is now focusing on obtaining a MiCA (Markets in Crypto-Assets) license to expand its services in the European Union. According to Ben Zhou, the platform has been in discussions with the French regulator for over two years in order to meet the requirements of this European legal framework, which has become essential for operating legally across the European market.
A Ongoing Global Regulatory Battle
While the situation in France stabilizes, Bybit still faces challenges in other markets. In Malaysia, the financial market regulator has ordered the cessation of its activities, while in India, pressure from authorities has forced it to suspend its services.
A Race for the MiCA License Shared by Other Major Players
Bybit is not the only player aiming for MiCA certification. Bitget, another exchange platform, has recently announced its entry into the license application process as part of its European expansion strategy. With recent authorizations in Bulgaria, Poland, and Lithuania, Bitget hopes to obtain the MiCA license by 2025, according to its legal director, Hon Ng.
MiCA: A New Standard for Exchanges in Europe
Other industry giants have already cleared this crucial hurdle. OKX and Crypto.com have recently obtained full licenses under the MiCA regime, allowing them to legally provide cryptocurrency services throughout the European Union.