Bybit, a leading crypto exchange, has recently seen a breakthrough in terms of regulatory compliance. As per Ben Zhou, the CEO of Bybit, the French “Autorité des marchés financiers” has officially removed its name from blacklist, clearing its way to a potential acquisition of MiCA license. The executive took to social media to announce this remarkable development.
French Regulator Excludes Bybit from Blacklist Following 2-Year-Long Struggle
While the Autorité des marchés financiers of France has excluded Bybit from the blacklist thereof, the platform looks for a MiCA license. Nonetheless, the respective development has reportedly occurred following Bybit’s intensive endeavors in collaboration with the regulators in France. The AMF, which is the financial market regulatory agency of France, is famous for its strict observation of financial entities. In this respect, it guarantees investor protection as well as market integrity. It had reportedly added Bybit to the blacklist due to potential non-compliance with regional regulatory requirements.
Nevertheless, during the past 2 years, the crypto exchange carried out several remediation measures. As a result of this, Bybit bolstered its compliance agenda. The respective measures took into account the enhancement of KYC procedures and AML safeguards. This enables the platform to revolutionize wider risk management mechanisms. These steps played a vital role in addressing the apprehensions that the AMF raised. As a result of this, the regulator ultimately restored the standing of the crypto exchange.
Crypto Exchange Seeks Acquisition of MiCA License
According to Ben Zhou, the crypto exchange’s exclusion from the blacklist of AFM underscores a big move toward MiCA license. The acquisition of a MiCAC license is anticipated to highlight the crypto exchange’s commitment to compliance. Additionally, this move sets benchmark for the rest of the digital asset companies working in complicated regulatory environments.
