blacklisted crypto trading sites

Source: HJBC/Adobe

Major French financial regulators have added crypto trading sites 24cryptoforextrading.net, silveriz.fr and cryptoneyx.io to the blacklist of companies operating in France “without proper authorization”.

The list is subject to joint updates byThe Financial Markets Agency (AMF), the French securities regulator andThe Supervisory Control and Resolution Authority (ACPR) of Bank of France. ACPR is responsible for monitoring and supervising the banking and insurance sector in France.

In a press release published yesterday on ACPR’s website, it is written that:

“In 2022, the AMF and ACPR added 49 unauthorized sites in the Forex category, compared to 61 in 2021, and 2 sites in the crypto asset derivatives category, a significant decrease compared to 2021 with 24 sites added.”

The blacklist includes “unauthorized” companies offering derivatives of crypto products in France. It also includes platforms operating in the unregulated foreign exchange market (Forex) and unregulated securities.

An incomplete blacklist of crypto platforms

However, this blacklist is not exhaustive and is regularly updated. Regulators explained that the list “is not intended to be complete, as new unauthorized devices appear on the market regularly.”

Regulators believe the blacklisted companies made “unsolicited” efforts to contact potential new customers in France.

They added that unregulated crypto traders could pose dangers to users. They “strongly advised” the public not to “use the services” of companies whose names do not appear on the register of financial companies in the ACPR.

Regulators have said that any company that is not on the register but offers crypto, forex or securities transactions in France is “in violation of applicable law” and therefore “is not required to comply with the basic rules in matters of investor protection, disclosure of information and handling of complaints.”

Regulators have already granted operating licenses to major crypto players, including the French branch of Binance, Bitpanda and eToro. They also granted a license to FORGE, the French banking giant’s crypto-asset custody subsidiary, Societe Generale.

Earlier this month, French police claimed to have arrested two notorious crypto scammers who preyed on their victims at ski resorts and luxury hotels.

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