Cocoin enters the blacklist of the Financial Markets Authority of this country

After summoning the Bitgate exchange earlier this month, the Financial Markets Authority (AMF) has now added the Cocoin exchange to its blacklist. What are the motivations for these approaches? Does this pose a threat to the growth of the cryptocurrency sector in the country?

France: the Cocoin exchange enters the blacklist of the Financial Markets Authority

The cryptocurrency market is witnessing this In France There has been recent unrest with the Financial Markets Authority (AMF) taking tough action against cryptocurrency exchanges. After issuing a summons to the Bitget exchange earlier this month, the authority has now added the KuCoin exchange to its blacklist. What are the motivations for these approaches? Does this pose a threat to the growth of the cryptocurrency sector in the country? We discuss these developments and explore their implications in this article.

On April 15, She stood up The Financial Markets Authority (AMF) has taken a discreet but important step by adding... Digital Currency Trading Platform Cocoin on its blacklist. Unlike previous opinions regarding BitGate, this addition was adopted without generating much attention from the media or investors.

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This time, the Financial Markets Authority did not specify the reasons which led it to blacklist Cocoin. While it had targeted Bitgate as the exchange was not subject to mandatory registration as a digital asset service provider (PSAN).

The Cocoin platform is attracting the attention of financial regulators on both sides of the Atlantic due to legal issues. For example, in the United States, the exchange faces criminal charges from prosecutors in the Southern District of New York related to money laundering. The charges allege that the platform facilitated the transfer of more than $9 billion in illicit funds.

Note also that last December, she was forced Coconut exchange Pay a fine of $22 million. It also had to agree to stop providing its services in New York State.

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The Financial Markets Authority's (AMF) addition of an exchange to its blacklist of unlicensed platforms indicates concerns that Cocoin could operate in the country without complying with applicable laws and regulations.