France’s financial regulatory watchdog – Financial Market Regulator (AMF) is working aggressively to bring down unauthorized crypto companies. The AMF is the topmost financial watchdog of France that also regulates the country’s stock market.
In the latest move, the AMF has blacklisted four new cryptocurrency websites. Last Friday, December 14, AMF issued the official statement making this announcement. The AMF said that the
In the official statement the AMF has named a total of nine unauthorized crypto firms operating with official approval from regulatory bodies. The list also includes the name of four of those crypto websites.
The name of these four crypto websites include: live-crypto.com.net, iminage.com, elos-patrimoine.com, and infoconso.info. The AMF alleges that these websites continued to conduct crypto trading services domestically despite failing to meet the regulatory requirements.
AMF Asks Investors to Remain Alert
The AMF says that there’s a huge spike in the number of unauthorized crypto companies willing to get regulatory approval. Thus it asks the investors to remain cautious while investing in new and unfamiliar companies.
The AMF in its statement says that the blacklisting is a warning to crypto companies indulging in suspicious activities. “It is warning the public against several companies from offering atypical investments without being authorized to do so,” writes the AMF.
The four blacklisted crypto websites promised its customers to offer returns between 3-5%. However, they were doing it while bypassing the authorization from regulatory agencies.
About France’s Financial Market Regulator (AMF)
AMF is France’s independent regulatory body which looks after protecting investors’ interests. The role of AMF is to ensure fair practices in the French crypto market. Furthermore, must ensure that crypto-related companies adhere to the regulatory framework.
The AMF is also working in coordination with the French government to regulate the ICO market and ensure that new token offerings are meeting the necessary legal requirements.
The latest measure from AMF shows that France is not afraid to take some strict regulatory measures when required.
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