The French Financial Markets Authority (AMF) has sounded the alarm on investment solicitations from the digital asset trading platform BITGET, cautioning savers across France to exercise extreme caution.
The regulatory body pointed out that BITGET lacks the necessary authorization to offer digital asset services within the country.
The AMF has underscored its readiness to initiate legal proceedings to obstruct access to BITGET’s website, underscoring the severity of the issue.
According to France’s monetary and financial code, operations such as the custody, buying, or selling of digital assets, along with the management of digital asset trading platforms, require official registration as a digital asset service provider (PSAN).
This critical step confirms adherence to anti-money laundering and terrorism financing regulations.
It also assesses the management and shareholders’ integrity and competence, aimed at protecting investor interests.
Despite these regulations, BITGET has been operating in France without securing PSAN registration, hence offering digital asset services unlawfully.
This breach of compliance has led to BITGET being added to the AMF’s blacklist since November 7, 2023.
The AMF, leveraging its authority granted by the monetary and financial code, threatens to take legal measures against BITGET and any similar platforms that illegally offer services in the French market.
In response to these events, the AMF has issued a recommendation to French investors who have engaged with BITGET, advising them to take precautionary steps.
The authority suggests savers should prepare for any potential disruptions in the service, which could impact their access to digital assets or related derivatives.
This advice aims to minimize the risk of losing access to their investments, urging investors to organize their financial dealings prudently.