October 27, 2021

France Authorities Warn Residents Against Unauthorized Crypto Websites

Like other countries, Authorities in France have recently warned investors against unauthorized crypto services.

Two regulators, Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), have updated the list of blacklisted platforms that offer crypto and foreign exchange (Forex) investments without proper authorization. The AMF published this list on its website on Friday.

The AMF regulates the French financial marketplace, its participants, and the investment products distributed via the markets. It also ensures that investors are properly informed. Additionally, it is a driving force behind the regulatory change at both European and international levels.

Related Reading | Singapore and France Set To Trial Global Transactions Through CBDCs

The ACPR preserves the stability of the financial system and protecting customers. The Authority also represents France in the international and European bodies responsible for supervising the insurance and banking industries.

French Regulators’ Blacklist

Along with twelve forex-related sites, the published list also included four websites related to crypto derivatives investments.

According to the regulators, the listed platforms have been offering investment services without proper authorization. The AMF and ACPR regularly update this list to protect investors from potentially fraudulent investments. The authority also included links to the list of authorized entities for investors to consult.

“To ensure that the intermediary offering you financial products or services is authorized to operate in France, you may consult the register of authorized investment service providers (https://www.regafi.fr) or the list of authorized intermediaries in the financial investment advisor (FIA) or crowdfunding (CIP) categories (https://www.orias.fr/search).”

Total crypto market cap on TradingView.com

Total crypto market cap rises to $2.155 Trillion | Source: Crypto Total Market Cap from TradingView.com

The regulators also advise investors not to use the services of any intermediary not included in any of these two lists.

The AMF’s latest warning comes after Paris-based alternative asset manager Melanion Capital launched a Bitcoin (BTC) exchange-traded fund (ETF) in early August. Jad Comair, CEO of Melanion Capital, reportedly said that getting approval from the AMF was a challenge. He explained that this may be because of the “sensibilities and politics currently surrounding Bitcoin and Bitcoin investing.”

Global Warnings Against Unauthorized crypto Services

Recently authorities in many countries have also issued out similar warnings to the public against unauthorized crypto platforms.

Related Reading | South Africa Regulator Warns Against Crypto Exchange Binance

Binance, the world’s largest crypto exchange, has been blacklisted in different countries. The authorities claim that the exchange did not have the required authorizations to offer certain services. South Africa, Italy, Singapore, South Korea, and Hong Kong are some of the countries where Binance has faced regulatory issues.

In August, the Australian Securities and Investments Commission (ASIC) urged Australians to be wary of investing in crypto-asset through unlicensed entities.

Featured image by crypto.IQ, Chart from TradingView.com

 

Source Bitcoinist.com