During the 2022’s bear run, French financial regulators have added only two crypto services to their blacklist — a considerable reduction in comparison to 2021.
On Dec. 21, the Prudential Supervision and Resolution Authority (ACPR) and the Autorité des Marchés Financiers (AMF), France’s stock market regulators, updated a blacklist of websites associated with illegal forex and cryptocurrency investments.
The release claims that year over year, the AMF and ACPR have reported much fewer websites connected to cryptocurrencies. The government banned two websites in the crypto derivatives category in 2022, compared to 24 sites the previous year.
Only two of the 15 recently banned websites explicitly reference cryptocurrencies in their names. These websites include cryptoneyx.io and 24cryptoforextrading.net.
France warns for caution with crypto sites
The AMF and ACPR warn investors to exercise caution and confirm the legitimacy of intermediaries selling financial goods or services in France. According to the regulators, investors should check the official registration of approved investment service suppliers and the list of permitted intermediaries in the crowdfunding or financial investment adviser categories.
The impending crypto winter will likely result in a sharp decline in the number of crypto-related websites. Since November 2021, the crypto market has decreased by more than 70%, resulting in enormous losses for cryptocurrency investors. FTX’s bankruptcy played a big part in the market plunge.
The French government is well-recognized for its cordial attitude toward the digital asset sector. It has granted several permits to significant international crypto enterprises. Major international crypto exchange Binance received from the AMF to offer services relating to cryptocurrencies in France in May.