French authorities warn residents of unauthorized crypto websites

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Like other countries, the French authorities recently warned investors against unauthorized crypto services.

Two regulators, the Autorité des Marchés Financiers (AMF) and the Prudential Control and Resolution Authority (ACPR), have updated the list of blacklisted platforms that offer crypto and foreign exchange (Forex) investments without appropriate authorization. The AMF published this list on its website on Friday.

The AMF regulates the French financial center, its players and the investment products distributed on the markets. It also ensures that investors are properly informed. In addition, it is a driving force behind the evolution of regulations both at European and international level.

Related reading | Singapore and France set to test global transactions via CBDCs

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

Blacklist of French regulators

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

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

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

Total crypto market cap stands at $ 2.155 billion | Source: Total Crypto Market Cap from TradingView.com

Regulators also advise investors not to use the services of an intermediary not appearing on either of these two lists.

The latest AMF 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 getting AMF approval was a challenge. He explained that this may be due to the sensitivities and politics currently surrounding Bitcoin and Bitcoin investing.

Global Warnings Against Unauthorized Crypto Services

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

Related reading | South African regulator warns of crypto exchange Binance

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

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

Image presented by Crypto.IQ, chart by TradingView.com

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