French regulator warns of unauthorized crypto platforms

The French stock market regulator Autorité des Marchés Financiers (AMF) continues to monitor the cryptocurrency market to warn investors of unauthorized crypto services.

October 1, AMF renew Its portal site was identified as providing cryptocurrency and foreign exchange (forex) investment through unauthorized entities. The list includes four websites related to cryptocurrency derivatives investment and 12 websites related to foreign exchange.

According to regulators, listed entities have been providing investment products without authorization to provide such services. In order to protect investors from potentially fraudulent investments, AMF and the French Prudential Regulation and Resolution Agency (ACPR) Regularly update the blacklist Unauthorized investment provider. Nonetheless, these lists are “incomplete” because “new unauthorized entities often appear”.

The authorities strongly recommend that investors follow the list of authorized investment providers registered online using financial service providers and the authorized list of financial investment advisors or crowdfunding categories.

AMF’s latest warning was issued shortly after the Paris-based derivatives fund manager Meilan Capital launched A bitcoin (Bitcoin) Exchange-traded funds (ETF) in August. According to reports, Melanion CEO Jad Comair stated that getting AMF to approve the fund is “a real challenge because of the current sensitivity and political factors surrounding Bitcoin and Bitcoin investments.”

related: South African financial regulator issues warning to Binance

Recently, global authorities have increasingly expressed concerns about unregulated crypto investment services.

In mid-August, the Australian Securities and Investments Commission It is recommended that citizens only invest in cryptocurrencies Through a financial institution that holds an Australian financial services license.According to the Australian Competition and Consumer Commission, crypto fraud constitutes More than 50% of Australian investors lose The first six months of 2021.

Earlier this year, Francois Villeroy de Galhau, President of the Bank of France, urged Europe to Priority encryption supervision Due to the risk of digital assets challenging its currency sovereignty.