French organizers remove bybit from the black menu, Crypto Exchange now targets MICA – TradingView News
Bybit, one of the famous exchange operations of the encoded currency, was removed from the organizational black list of Autorité des marchés of the French affiliated (AMF).
“After more than two years of working with the French organizer through multiple treatment efforts, the BYBIT is now officially removed from the France AMF Blacklist menu.” Ben Chu, co -founder and executive director of BYBIT, said on X. “The Next MICA License.”
From the black list to compliance
After two years of treatment and negotiation efforts, the stock exchange obtained the approval of the International Agency for the French Energy. Now, Bybit transforms the focus towards obtaining a market license in encryption bells (MICA), a major organizational certificate that would enable it to work legally throughout the European Economic Zone (EEA).
Bybit found itself in the AMF Blacklist menu in May 2022 for its failure to comply with local financial regulations. At that time, the French authorities warned investors against using the platform, and urged them to switch to the organized stock exchanges.
After more than two years of working with the French organizer with multiple treatment efforts, the BYBIT was officially removed from the France AMF Blacklist menu. Next Mika license. pic.twitter.com/irpf5bosbp
In response, Bybit has stopped providing services to the French population last year while working behind the scenes to address organizational concerns. After an extended interview with AMF and multiple compliance modifications, the CEO of bybit Ben Zhou announced that the stock exchange was officially removed from the blacklist.
Mika license for full access in the European Union market
With the French regulatory obstacle cleansing, Bybit has now put its attention on obtaining a MICA license. Framework Mica, presented by the European Union, creates a unified organizational structure for encryption companies, allowing the platforms licensed to work freely across all EEA countries.
While BYBIT has made progress in France, it still faces organizational challenges in other major markets. In Malaysia, the Securities Committee ordered bybit to stop the operations, noting that it is not complied.
Likewise, in India, the stock exchange suspended the services after organizational audit, although a local license was later secured after paying a fine of one million dollars.
Other encryption companies are also pressed for the approval of Mika, and it sees it as a gateway to expanding in Europe. All competitors such as Bitget, OKX and Crypto.com followed up or secured MICA licenses to obtain foothold in the area.
https://s.tradingview.com/static/images/illustrations/news-story.jpg
