Bybit Clears Regulatory Hurdle In France, But Still Under Scrutiny Elsewhere

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is no longer on France’s Autorité des Marchés Financiers (AMF) blacklist, a company executive confirmed.

The crypto exchange was originally blacklisted in May 2022 over regulatory noncompliance, but Bybit’s name has been removed from the list of unauthorized firms.

A previous AMF warning from May 2024, which flagged Bybit as a blacklisted entity, now carries a disclaimer stating the information is outdated. The move follows Bybit’s recent exit from France, where it stopped withdrawal and custody services for local users on Jan. 8, citing increasing regulatory scrutiny.

Bybit CEO Ben Zhou announced that the exchange had been working with French regulators for more than two years and is now seeking a Markets in Crypto-Assets (MiCA) license to operate in the European Union.

Despite this progress in France, Bybit is still facing regulatory roadblocks elsewhere. Malaysia’s securities regulator ordered it to halt operations, while increasing scrutiny in India led to the suspension of its services there.

Japan’s Financial Services Agency (FSA) also ordered Apple and Google to block Bybit and other four unregistered overseas crypto exchanges from their app stores in the country. Moreover, the platform was fined 9.27 crore rupees ($1.06 million) by India’s Financial Intelligence Unit (FIU) for violating the country’s Prevention of Money Laundering Act (PMLA).

The fine was officially announced by India’s Ministry of Finance on January 31 and it follows a series of compliance issues that previously led to the suspension of Bybit’s operations in the country.

Bybit isn’t alone in adjusting to Europe’s crypto regulations. Bitget is also working toward MiCA compliance, following its license approval in Bulgaria. Bitget’s chief legal officer, Hon Ng, said the firm expects full MiCA approval in 2025.

Other exchanges have already secured MiCA licenses, with OKX and Crypto.com recently receiving approval to offer regulated services across the EU.