French Regulator AMF Blacklists 15 Cryptocurrency Related Websites

French Regulator AMF blacklists 15 cryptocurrency related websites as a part of its regulatory oversight. The watchdog has stated that the companies that have been added to the list have breached the “Sapin II Law”.

16 March, AtoZForex The financial markets regulators in France, the Autorite des Marches Financiers (AMF), has published a new press release on its website. The French watchdog states that it has added 15 cryptocurrency and crypto-asset related websites to its blacklist.

French Regulator AMF Blacklists 15 Cryptocurrency Related Websites

According to the official press release, the companies that have been added to the list have breached the “Sapin II Law”. The document reads:

“The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in miscellaneous assets and are now subject to ex ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number.”

The announcement from the AMF mentions 15 companies that continued to advertise and promote their services as investment opportunities to the French residents in spite of the new regulations. The warning list also includes the names of businesses that illegally offered investments in commodities, such as diamonds, wine, and rare earth metals.

France Cryptocurrency Stance

The French regulator reminds investors’ community that “no advertising materials should make you overlook the fact that high returns always involve high risk.” The watchdog further states that consumers should always carry out their own due diligence prior to making any investments. It is vital to learn about the company as much as possible and to only invest in the product one understands.

This move by the AMF has followed a series of suspicious attitudes in regards to the cryptocurrencies. Earlier in December 2017, the Governor of the Bank of France, Francois Villeroy de Galhau, has issued a warning on the high risks of Bitcoin investment, adding that it is a speculative asset.

This January,  France’s Minister of the Economy Bruno Le Maire has appointed Jean-Pierre Landau, who is known to be a Bitcoin critic, to lead a task force to analyze cryptocurrency regulation matters.

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