Bybit CEO Ben Zhou has confirmed that the crypto exchange is no longer on the blacklist of France’s financial regulator, the Autorité des Marchés Financiers (AMF).
It follows two years of engaging with the regulator in order to address concerns about compliance.
Zhou stated the following on X in a February 14, 2014 post:
“After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist.”
Bybit was faced with regulatory challenges in France that led to its suspension in the country by 2024.
The AMF had warned the investors at the time that the platform wasn’t registered, and was even considering legal action because of its noncompliance.
MiCA compliance
Bybit, after being removed from the blacklist of cryptocurrency assets in Europe, is working to secure a Markets in Crypto-Assets Regulation license (MiCA).
MiCA, which took effect this year, is the region’s first comprehensive crypto regulatory framework.
This bill establishes rules for all cryptocurrency businesses. These include a better protection of consumers, the prevention of market manipulation and regulatory compliance.
Many major crypto companies, such as Crypto.com Coinbase Gemini MoonPay Kraken OKX and OKX obtained the required licenses in order to continue providing services for European customers.
The need to adapt to the institutional demand
Meanwhile, Bybit is also restructuring its trading services by migrating its Options platform to Tether’s USDT. The aim of the move is to improve liquidity, and meet the demands of institutional investors.
Zhou emphasized that market demands for a stable, efficient and more effective trading environment were the driving force behind this transition.
USDT (the largest stablecoin) is used widely in the crypto market due to its price stability and liquidity.
Bybit’s shift to USDT-based Options trading is expected to attract institutional investors seeking enhanced market efficiency.
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