France’s authorities recently warn Crypto investors

As with other nations, France’s authorities recently warned investors against unlawful cryptocurrency services. Two authorities, the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), have revised their list of prohibited cryptocurrency and foreign exchange (Forex) trading websites. On Friday, the AMF published this list on its website.

The AMF is responsible for regulating the French financial markets, their participants, and the investment goods supplied via them. Additionally, it guarantees that investors are adequately informed. Additionally, it serves as a catalyst for regulatory change on both the European and worldwide levels.

The ACPR safeguards the financial system’s stability and protects customers. Additionally, the Authority represents France before international and European agencies that regulate the insurance and banking industries.

The Blacklist of French Regulators

Along with twelve forex-related websites, the published list featured four cryptocurrency derivatives-related websites. The regulators allege that the listed platforms provided investing services without proper permission. The AMF and ACPR update this list on a regular basis to safeguard investors against potentially fraudulent investments. Additionally, the authorities supplied links to a list of authorized entities for investors’ reference.

“To determine whether the intermediary offering you financial products or services is authorized to operate in France, you can consult the register of authorized investment service providers or the list of authorized intermediaries in the financial investment advisor (FIA) or crowdfunding (CIP) categories.”

Additionally, regulators encourage investors to avoid using the services of any mediator that is not listed on either of these two lists. The AMF’s latest warning comes in the wake of Melanion Capital’s early August launch of a Bitcoin (BTC) exchange-traded fund (ETF). According to reports, Jad Comair, CEO of Melanion Capital, stated that obtaining approval from the AMF was difficult. He speculated that this could be due to the “sensibilities and politics around Bitcoin and Bitcoin investing at the moment.”

Global Cautionary Statements Against Unauthorized Cryptocurrency Services

Authorities in a number of nations have recently issued similar warnings to the public about unlicensed cryptocurrency sites. Binance, the largest cryptocurrency exchange in the world, has been blocked in a number of nations. Authorities assert that the exchange lacked the necessary authorizations to provide certain services. Binance has encountered regulatory concerns in a number of countries, including South Africa, Italy, Singapore, South Korea, and Hong Kong.

The Australian Securities and Investments Commission (ASIC) warned Australians in August to exercise caution when investing in crypto-assets through unregistered businesses.

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