Bybit CEO Ben Zhou recently announced that the cryptocurrency exchange has successfully been removed from the blacklist of France’s financial regulator, the Autorité des Marchés Financiers (AMF). This positive development comes after more than two years of collaborative efforts with the regulator to address compliance issues.
In a statement posted on X on February 14th, Zhou expressed his satisfaction, stating, “After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist.” This marks a significant milestone for Bybit, which had previously faced regulatory hurdles in France, leading to the suspension of its operations in the country in 2024. The AMF had raised concerns about the platform’s lack of registration and had even considered legal action against it for non-compliance.
Following its removal from the blacklist, Bybit is now focusing on obtaining a Markets in Crypto-Assets Regulation (MiCA) license to operate within the European Union. MiCA, which came into effect this year, represents the region’s first comprehensive regulatory framework for cryptocurrencies. It aims to establish consistent rules for crypto businesses, enhance consumer protection, prevent market manipulation, and ensure regulatory compliance. Several prominent cryptocurrency firms, including Crypto.com, Coinbase, Gemini, MoonPay, Kraken, and OKX, have already obtained the necessary licenses to continue serving European users.
In addition to regulatory compliance, Bybit is also making strategic changes to its trading services by transitioning its Options platform to Tether’s USDT. This move is intended to increase liquidity and better serve the needs of institutional traders. Zhou emphasized that the decision to shift to a USDT-based trading environment was driven by market demand for stability and efficiency.
USDT, the largest stablecoin in the market with a market capitalization exceeding $140 billion, is widely used in cryptocurrency trading due to its liquidity and price stability. Bybit’s adoption of USDT-based Options trading is expected to attract institutional investors looking for improved market efficiency and reliability.
Overall, Bybit’s successful removal from the AMF blacklist and its strategic shift towards MiCA compliance and USDT-based trading demonstrate the exchange’s commitment to regulatory compliance and meeting the evolving needs of the cryptocurrency market. This forward-thinking approach is likely to position Bybit as a key player in the European cryptocurrency landscape.