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, the 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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, will require all entities offering crypto-related services within the EU to obtain official authorization before operating.

In France, the AMF has 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 Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with individual Member State regulations when offering services outside of France during this interim period.