French regulators warned crypto Investors against unauthorised firms

The French regulatory body published new notifications to inform crypto and forex traders about unauthorised platforms and suggested to go with authorised and regulated platforms only.

In The present time crypto and forex industry is growing more rapidly and fastly, so big companies are also moving towards the creation of crypto & forex based platforms more speedly. But to make profit through such kinds of businesses, few platforms don’t register their platforms with regulatory bodies and don’t follow rules with high restrictions to provide better custody and safety to the users. Few days back, CFTC encountered 14 crypto firms which were operating their business without license and few of them were misleading their users by claiming that they are registered with regulatory bodies.

Read also: CFTC action on 14 NewYork Based options crypto exchange

The Autorité des Marchés Financiers (AMF), the regulatory body of the French stock market published a notice on 1 October regarding the unauthorised and unregistered crypto and forex trading platforms. 

The new list of such unauthorised platforms mentioned by the AMF, is clear indication that users should not go with such platforms because such unauthorised platforms doesn’t ensure the custody and safety of the funds of users.

The list contains total 16 trading platforms. 4 out of 16 are crypto derivatives based platforms, which are unauthorised.

Because of the increasing fraud and scam by such kind of authorised platforms, AMF and French Prudential Supervision and Resolution Authority (ACPR) regulatory update the blacklisted platforms that can cause harm and wealth loss for their citizens.

AMF & ACPR also strongly recommends those platforms to use for the trading, crowdfunding & other Investment, which are genuine and listed as authorised and registered firms. 

Read also:  Thoma Bravo co-founder says crypto is here to stay