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The Financial Markets Authority warns against the Petgat Stock Exchange.

Last week, the Financial Markets Authority (AMF) issued warnings against Bitget, threatening to block access to the platform in France. The warning is intended to be a genuine call for the cryptocurrency trading platform to register with PSAN.

The Financial Markets Authority warns the French against investing and saving on the Petgat Stock Exchange

issued The Financial Markets Authority (AMF) has issued warnings against the BitGate cryptocurrency platform, reminding French investors that it has been blacklisted. Indeed, this decision has come into force since November 3, 2023. As mentioned above Petjata cryptocurrency trading platform, offers a number of services on cryptocurrencies and other digital assets.

Even if nothing prevents a French investor from using the platform of his choice, even if this platform is unregulated, unregulated exchanges (Digital Asset Service Provider (PSAN) registered with FAIR) are officially prohibited from targeting the market. French.

In addition to unfair competition with respect to players doing what is necessary to comply with the applicable rules, such a situation can also present risks for investors. For example, the Financial Markets Authority cannot ensure appropriate segregation between company and client funds. The regulator argues.

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Furthermore, the financial regulator reserves the right to initiate legal proceedings, which may in particular include local blocking of the platform. The Financial Markets Authority therefore called on French investors to withdraw their funds from the Petgat Stock Exchange.

Also, influencers who promote exchanges not registered in France are exposed to legal action. The AMF press release also reminds investors that it is important that they take the necessary measures to protect themselves:

“The Financial Markets Authority calls on French savers who have nevertheless invested in this platform to take all necessary measures to avoid no longer being able to access their assets (digital assets or financial derivatives on digital assets).”

For the moment, the AMF has not taken any action and access is still in progress. Petjat Available. However, the situation could quickly evolve unfavorably for the platform if it does not decide to resolve its situation.

👈Read more: A look at the experiences of countries around the world Regulating digital currencies: what are its advantages and disadvantages?

Finally, the main element that bothers the CMA is the legal status of Petgat. Indeed, the platform is not registered on the PSAN list (as a digital asset service provider). As the regulator notes:

“The monetary and financial law provides, in fact, the provision of digital asset custody services on behalf of third parties, the purchase or sale of digital assets in legal tender, the exchange of digital assets against assets against other digital assets and the operation of a trading platform in question. Digital assetsupon returning to France, must pre-register as a Digital Asset Service Provider (PSAN).

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