In a notable development for the crypto exchange industry, Ben Zhou, the CEO of Bybit, recently announced that the platform is no longer listed on the blacklist maintained by France’s financial regulator, the Autorité des Marchés Financiers (AMF). This significant shift comes after a prolonged period of over two years of dedicated efforts to meet the regulatory requirements set forth by the AMF. On February 14, Zhou took to social media to celebrate this milestone, stating, “After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist.” This achievement marks a critical turning point for Bybit, particularly after the suspension of its operations in France back in 2024 due to non-compliance with regulatory standards.
Bybit’s previous engagement with the AMF was fraught with challenges, with the regulator raising alarms about the platform’s lack of registration and compliance. In fact, the AMF had gone as far as considering legal action against Bybit during this tumultuous period. The removal from the blacklist not only restores Bybit’s ability to operate in France but also indicates a commitment to adhering to the compliance measures necessary for cultivating trust with both regulators and users alike. The journey of remediation reflects the growing importance of regulatory adherence in the crypto industry, a sector often criticized for its opacity and lack of consumer protections.
With the regulatory landscape in the European Union evolving, Bybit is now setting its sights on securing a Markets in Crypto-Assets Regulation (MiCA) license. MiCA, which came into effect this year, represents a crucial milestone as it establishes comprehensive rules specifically for crypto businesses in Europe. These regulations aim to protect consumers, prevent market manipulation, and ensure that enterprises maintain regulatory compliance. The urgency for compliance is underscored by the fact that several leading crypto firms, including Crypto.com, Coinbase, and Kraken, have already obtained the necessary licenses to continue serving their European clientele. Bybit’s proactive approach in seeking compliance can be seen as a strategic imperative to remain competitive in an increasingly regulated environment.
In tandem with its regulatory efforts, Bybit is also making significant adjustments to its trading infrastructure. The exchange plans to migrate its Options trading platform to Tether’s USDT, a move designed to enhance liquidity and better serve institutional traders. Zhou emphasized that this transition was influenced by market demand for a more reliable trading environment, highlighting the importance of adapting to the evolving needs of investors. USDT’s status as the largest stablecoin, with a market capitalization exceeding $140 billion, makes it a preferred choice in the crypto trading landscape due to its price stability and liquidity. Bybit’s shift towards USDT-based Options trading could potentially attract a substantial influx of institutional investors, reinforcing Bybit’s reputation as a forward-thinking and adaptive exchange.
Bybit’s recent removal from the AMF blacklist and its pursuit of MiCA compliance signify a robust strategy to navigate the complexities of the regulatory environment while enhancing service offerings. As the crypto landscape continues to evolve, platforms like Bybit must prioritize compliance and customer demands to thrive in a competitive market. The focus on USDT trading and the commitment to regulatory adherence position Bybit favorably for future growth, potentially setting a benchmark for other crypto exchanges striving for legitimacy and customer trust in an increasingly scrutinized industry.