AMF Cautions French Investors on Unregulated Trading Platform BITGET

The Financial Markets Authority (AMF) has issued a warning
to savers in France regarding investment proposals by the digital asset trading
platform BITGET. The AMF emphasized the need for utmost vigilance, highlighting
that BITGET is not authorized to provide its services on digital assets within
France. As a consequence, the AMF is prepared to take legal action to block the
platform’s site.

AMF Targets Unregistered Digital Asset Platforms

Under the monetary and financial code, certain activities
related to digital assets, including custody services, purchase or sale of
digital assets, and operation of digital asset trading platforms, necessitate
mandatory registration as a digital asset service provider (PSAN). This
registration ensures compliance with regulations aimed at combating money
laundering and terrorism financing, as well as verifying the integrity and
competency of management and shareholders, thereby safeguarding the interests
of investors.

BITGET, however, has not obtained the required registration
as a PSAN and has been providing digital asset services in France without
authorization. Consequently, the platform has been on the AMF blacklist since
November 7, 2023, due to non-compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term with French regulations. The AMF, empowered by the monetary and financial code,
reserves the right to pursue legal action to block the site of BITGET and other
similar platforms operating illegally in…