France’s Financial Markets Authority (AMF) has expanded its blacklist of unauthorized cryptocurrency service providers, adding 25 new websites to its watchlist since June 11. The move comes as part of the regulator’s ongoing efforts to protect investors from potentially fraudulent digital asset schemes.
French Financial Watchdog Expands Crypto Blacklist, Warns Investors
The AMF, which oversees France’s financial markets, regularly updates its list of websites illegally offering digital asset services and fundraising through initial coin offerings (ICOs) in the country. The latest additions bring the total number of blacklisted crypto-related sites to over 100.
Among the newly identified unauthorized platforms are: amzingnewdl.top, ascendex.com, bitcoineprex.ai, bitsacard.com, btceprex360.com, cryptoinnovatebot.net, cryptotrader.app, fin-maga.com, infosplacements.fr, immediate-genesis.com, immediateavita.com, immediatedexair.net, immediateproair.app, immediateproair.com, immediateproair.net, paulwchow.com, quantumbumex.co, quantumbumex.com, sandiegobraincare.com, smartinvestsas.com, tradeduac100.com, tradeduac.com, tradeduacai.com, tradeneupro100.com, and veltrix-ai.com.
The AMF warns that these sites are not registered to provide digital asset services in France. The regulator also emphasizes that its blacklist, while regularly updated, cannot be exhaustive due to the rapid emergence of new unauthorized actors in the crypto market. Investors are advised to consult the AMF’s website for the most current information on both unauthorized and authorized digital asset service providers.
In addition to the blacklist, the AMF maintains a whitelist of registered digital asset service providers authorized to operate in France. However, the AMF cautions that even approved crypto projects remain high-risk investments by nature.
In the first half of 2024, French market watchdog blacklisted 24 FX and 26 crypto trading platforms.
Crypto-Asset Service Provider Applications Ahead of MiCA
The European Union is set to implement new regulations for crypto-asset service providers starting December 30, 2024. This legislation, known as the Markets in Crypto-Assets (MiCA) Regulation, will require all entities offering crypto-related services within the EU to obtain official authorization before operating.
In France, the AMFhas begun accepting applications for this authorization as of August 2024. The new MiCA framework will supersede France’s current PACTE regime for newcomers to the market from December 30, 2024.
Existing service providers operating under France’s current regulatory system, which includes “simple” or “enhanced” registrations and optional Digital Asset Service Provider (DASP) authorizations, will have an extended period until June 30, 2026, to secure MiCA authorization. This grace period allows these entities to continue their operations until July 1, 2026.
It’s important to note that during this transition phase, providers with existing French registrations or authorizations will not have access to the European passport system. Consequently, they will need to ensure compliance with individual Member State regulations when offering services outside of France during this interim period.
