France’s AMF Issues Warning Against BITGET for Unauthorized Digital Asset Services

cryptonews.com:

The French Financial Markets Authority, the Autorité des Marchés Financiers (AMF), warned against BITGET, citing unauthorized digital asset services.

The AMF regularly updates its black lists of new websites and entities “proposing typical investments to investors in France without being authorized.”

[Mise en garde] L’AMF rappelle au public que la plateforme de #trading de #cryptoactifs BITGET est inscrite sur liste noire : elle n’est pas autorisée à fournir des services sur actifs numériques en France.
Pour en savoir plus➡️https://t.co/5WM4EcmBKw#Crypto #Protection #Epargne pic.twitter.com/sJah2ve1YN

— AMF (@AMF_actu) April 2, 2024

On April 2, AMF issued a circular on the supervision and issuance of virtual assets in the country, with BITGET on the list of those that offer crypto investments through unauthorized entities. 

According to the regulator, Bitget has been offering investment products without being authorized to provide such services. To protect investors from potentially fraudulent investments, AMF and the French Prudential Supervision and Resolution Authority (ACPR) added Bitget to the updated list of unauthorized investment providers to be blacklisted.

The monetary and financial code requires mandatory registration as a digital asset service provider (PSAN) for specific activities related to digital assets, such as custody services, buying or selling digital assets, and operating digital asset trading platforms. This registration ensures compliance with regulations aimed at preventing money laundering and terrorism financing, as well as ensuring the integrity and competency of management and shareholders, thereby protecting the interests of investors.

Bitget, however, has yet to obtain the necessary