France’s financial regulators are actively identifying and blacklisting unauthorized websites operating in the foreign exchange (forex) and cryptocurrency markets.
The Autorité des Marchés Financiers (AMF) and the Prudential Supervision and Resolution Authority (ACPR) recently updated their blacklist with 15 new unauthorized investment websites in forex and crypto assets. Among these, only two websites, 24cryptoforextrading.net and cryptoneyx.io, are directly linked to cryptocurrencies.
The latest data shows a significant decrease in the number of crypto-related websites being flagged by the AMF and ACPR compared to the previous year. In 2022, only two sites in the crypto derivatives category were blacklisted, representing a 92% decrease from the 24 sites blacklisted in the previous year.
In contrast, there was an increase in the number of unauthorized forex investment websites added to the blacklist, with 49 sites identified in 2022 compared to 61 in 2021.
Investors are urged to exercise caution and verify the authorization status of any intermediaries offering financial products or services in France. They are advised to consult the official register of authorized investment service providers and the list of authorized intermediaries in financial investment advisory or crowdfunding services.
The decrease in flagged crypto websites by the AMF in 2022 could be linked to the current state of the cryptocurrency market. Since 2021, the market has declined by over 70% since November 2021, resulting in significant losses for crypto investors.
Despite the regulatory actions, the French government has shown support for the digital asset industry by approving major global cryptocurrency firms. In May, the AMF granted registration to leading global crypto exchange Binance, allowing the firm to operate legally in providing crypto services in France.
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