The French financial watchdog, the Financial Markets Regulator (AMF), has blacklisted four more cryptocurrency websites in their ongoing mission to stamp out unauthorized crypto firms.
As news of riots in France batter the world news, the AMF is also using strong-arm tactics to keep then nation’s crypto sector honest and in-check with their latest move.
The AMF is the main watchdog that regulates the French stock market and announced on Friday in an official statement that they have blacklisted a further four cryptocurrency websites. The reasons cited for the blacklisting of the websites are mainly centered on unauthorized investment offerings.
In the official statement, the AMF outlined nine cryptocurrency firms that have been operating without approval from official regulatory bodies in France, with the four websites named on the list.
The AMF also warned potential investors that they should exercise caution when investing in companies that are new and unfamiliar. They went on to say that France has seen a surge of new and unauthorized crypto projects that are yet to seek approval from the regulatory body and that investors should be careful with the un-vetted cryptocurrency websites
The cryptocurrency websites blacklisted by the AMF include elos-patrimoine.com. live-crypto.com.net, iminage.com, and infoconso.info.
The AMF has blocked the websites for conducting crypto trading on the domestic front while failing to meet the necessary legal requirements to do so. The AMF statement said:
“It is warning the public against several companies from offering atypical investments without being authorized to do so”
Blacklisted cryptocurrency websites such as elos-patrimoine.com were allegedly offering monthly returns to investors between 3% and 5% without the authorization to offers guarantees.
The AMF is an independent regulatory body that is there to protect the interests of the public and investors. They basically keep the French crypto markets honest and ensure that crypto-related businesses adhere to the nation’s crypto regulations and maintain order in the marketplace.
Back in September, a regulatory framework for ICOs from the AMF was passed by the French Parliament. The framework was originally drafted back in March to protect those investing in Initial Coin Offerings.
The AMF and French government are working hand-in-hand to keep a lid on the ICO markets to ensure new ICOs are fulfilling their legal requirements. With the AMF now blacklisting unauthorized cryptocurrency websites, it sends out a message that although France welcomes crypto, it is also serious on keeping the sector under control.
Featured image from Pixabay
Last modified: September 23, 2020 12:13 PM