Bybit, one of the renowned cryptocurrency exchanges, was removed from the regulatory blacklist of France’s Autorité des Marchés Financiers (AMF).

“After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist. MiCA license next,” Ben Zhou, the Co-founder and CEO of BYBIT, said on X.

From Blacklist to Compliance

After two years of remediation efforts and negotiations, the exchange secured approval from the French watchdog. Now, Bybit is shifting focus toward obtaining a Markets in Crypto-Assets (MiCA) license, a key regulatory certification that would enable it to operate legally across the European Economic Area (EEA).

Bybit found itself on the AMF blacklist in May 2022 for reportedly failing to comply with local financial regulations. At the time, French authorities warned investors against using the platform, urging them to shift to regulated exchanges.

In response, Bybit ceased offering services to French residents last year while working behind the scenes to address regulatory concerns. After an extended dialogue with the AMF and multiple compliance adjustments, Bybit CEO Ben Zhou announced on X that the exchange was officially removed from the blacklist.

MiCA License for Full EU Market Access

With the French regulatory hurdle cleared, Bybit has now set its sights on acquiring a MiCA license. The MiCA framework, introduced by the European Union, establishes a uniform regulatory structure for crypto firms, allowing licensed platforms to operate freely across all 30 EEA nations.

While Bybit has made progress in France, it still faces regulatory challenges in other key markets. In Malaysia, the Securities Commission ordered Bybit to halt operations, citing non-compliance.

Similarly, in India, the exchange suspended services following regulatory scrutiny, despite later securing a local license after paying a $1 million fine.

Other crypto firms are also pushing for MiCA approval, seeing it as a gateway to expand in Europe. Competitors like Bitget, OKX, and Crypto.com have all pursued or secured MiCA licenses to gain a foothold in the region.

Source: Finance Magnates