The Financial Markets Authority (AMF) has warned savers in France about investment proposals by digital asset trading platform BITGET. The AMF emphasized the need for extreme vigilance, highlighting that BITGET is not authorized to provide its services on digital assets in France. As a result, AMF is ready 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, require mandatory registration as a digital asset service provider (PSAN). This registration ensures compliance with regulations aimed at preventing money laundering and terrorist financing, as well as verifying the integrity and competence of management and shareholders, thereby protecting the interests of investors.
BITGET, however, has not obtained the required registration as a PSAN and is providing digital asset services in France without authorization. As a result, the platform is in the AMF blacklist from 7 November 2023, because-compliance
compliance
Finance, banking, investment and insurance compliance refers to following the rules or mandates set by a government regulatory authority, either in providing a service or processing a transaction. Financial compliance will also be the state of following established guidelines or specifications. This designation may include efforts to ensure that organizations are complying with both industry regulations and government laws. Understanding compliance means a
Finance, banking, investment and insurance compliance refers to following the rules or mandates set by a government regulatory authority, either in providing a service or processing a transaction. Financial compliance will also be the state of following established guidelines or specifications. This designation may include efforts to ensure that organizations are complying with both industry regulations and government laws. Understanding compliance means a
Read this term with French rules. The AMF, empowered by the Monetary and Financial Code, reserves the right to take legal action to block the sites of BITGET and other similar platforms operating illegally in France.
Tu vas en bas sur le site de l’AMF et tu tapes le nom de bitget et tu vois qu’ils sont sur la liste noire. pic.twitter.com/N3BUqs0cmK
— Adam Meursault (@Adam_Meursault) 11 March 2024
AMF advises caution in BITGET service disruption concerns
In light of these developments, the AMF advises French savers who have invested through BITGET to take the necessary precautions to minimize the risks associated with possible disruptions in service provision. Savers are urged to organize their transactions to avoid any potential loss of access to their assets, be they digital assets or their derivatives.
The Financial Markets Authority (AMF) has warned savers in France about investment proposals by digital asset trading platform BITGET. The AMF emphasized the need for extreme vigilance, highlighting that BITGET is not authorized to provide its services on digital assets in France. As a result, AMF is ready 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, require mandatory registration as a digital asset service provider (PSAN). This registration ensures compliance with regulations aimed at preventing money laundering and terrorist financing, as well as verifying the integrity and competence of management and shareholders, thereby protecting the interests of investors.
BITGET, however, has not obtained the required registration as a PSAN and is providing digital asset services in France without authorization. As a result, the platform is in the AMF blacklist from 7 November 2023, because-compliance
compliance
Finance, banking, investment and insurance compliance refers to following the rules or mandates set by a government regulatory authority, either in providing a service or processing a transaction. Financial compliance will also be the state of following established guidelines or specifications. This designation may include efforts to ensure that organizations are complying with both industry regulations and government laws. Understanding compliance means a
Finance, banking, investment and insurance compliance refers to following the rules or mandates set by a government regulatory authority, either in providing a service or processing a transaction. Financial compliance will also be the state of following established guidelines or specifications. This designation may include efforts to ensure that organizations are complying with both industry regulations and government laws. Understanding compliance means a
Read this term with French rules. The AMF, empowered by the Monetary and Financial Code, reserves the right to take legal action to block the sites of BITGET and other similar platforms operating illegally in France.
Tu vas en bas sur le site de l’AMF et tu tapes le nom de bitget et tu vois qu’ils sont sur la liste noire. pic.twitter.com/N3BUqs0cmK
— Adam Meursault (@Adam_Meursault) 11 March 2024
AMF advises caution in BITGET service disruption concerns
In light of these developments, the AMF advises French savers who have invested through BITGET to take the necessary precautions to minimize the risks associated with possible disruptions in service provision. Savers are urged to organize their transactions to avoid any potential loss of access to their assets, be they digital assets or their derivatives.