The Autorité des Marchés Financiers (AMF), which is a leading Supervisory Commission for Financial Markets in France has added 15 crypto active investment websites on its blacklist. In light of this, the AMF stated that relevant laws govern all French companies that are seeking to purchase privileges to different goods and promising returns or any economic equivalent. Thus, all their products must get registered with AMF.
The agency added the infringing platforms to its existing blacklist that features many businesses that illegally offer all types of investments in products such as wine, rare earth metals, and diamonds. The latest announcement has listed the websites of 15 companies that have been previously alerted by the regulator due to repeated regulatory violations, but they are adamant and continue to operate.
Most of the listed companies captured in this ban are located in the United Kingdom.
The AKJ Crypto, for example, offers an extensive range of financial services starting from asset storage to account management. Another one in the blacklist is Crypteo, which is registered as a trading platform for Cryptocurrencies.
The full list includes:
Crypto Investment Warning
AMF also took the opportunity to remind all investors that irrespective of advertising, it is vital to recall that no high profits are achieved without high risks. Moreover, they strongly suggest that the company must get thoroughly and extensively before investing. They stated that investors must also take into account all the possible ways of selling the products that they receive.
In short, AMF’s advice to investors stated that you should never rush to invest in anything that you do not understand. In most cases, the AMF companies that are blacklisted offer illegal investment opportunities in traditional assets to unsuspecting investors who end up losing their money.
The move to ban these sites by the French regulator supports the suspicious attitude directed towards the crypto parliament by the entire French government. The President of the French Central Bank, Mr. Francois Villeroy de Galhau, issued a stern warning in December 2017 about the high risks of investing in Bitcoin. He stated at the time that the Cryptocurrency market was a speculative industry and not a reliable form of investment.
The Crypto-active Ban
In an earlier statement, the French Commission published a report that stated that all trading platforms must never advertise derivatives from any Cryptocurrency instruments by the general fundamental laws on derivatives. However, it is not the first time that the AMF has been actively involved in the affairs of the larger crypto active industry.
During the past month of February, the agency published a declaration in which it establishes that all active commercial platforms must never be authorized to commercialize any electronic products that get derived from Cryptocurrencies. The declaration is designed that way since Cryptocurrencies fall within the scope of the Sapin 2 and MiFID 2 laws. The Sapin 2 law decisively prohibits the publication of various financial contracts.
Moreover, the AMF launched the UNICORN (Universal Node to the ICO Research Network) in October 2017. At the time of that launch, the Authority described the program as a framework that would comprehensively allow ICO issuers to develop all their operations simultaneously assure the protection of all prospective investors.