The Autorité des Marchés Financiers (AMF) seems to have taken an interest in the cryptocurrency sector since the beginning of the month. After issuing a reminder about Bitget, it has added exchange platform KuCoin to its blacklist. What do you think?
The AMF adds Kucoin to its blacklist
Earlier this month, the AMF issued a reminder about Bitget, and reminded users that the platform was on its blacklist. This time, however, the addition is more discreet. KuCoin’s arrival on the French financial regulator’s blacklist on April 15 went largely unnoticed.
KuCoin was added to the AMF blacklist ten days ago
This time, the AMF does not specify why it has targeted this particular exchange platform. For Bitget, it had issued the following reminder:
“The Monetary and Financial Code stipulates that the provision of services […] to operate a digital asset trading platform when rendered in France are subject, in advance, to mandatory registration as a digital asset service provider (DASP). “
In other words, cryptocurrency exchange platforms not registered as PSANs are tolerated, but not authorized. But why target KuCoin in particular?
KuCoin in trouble in the US
It’s safe to assume that the legal affairs surrounding the exchange platform in the U.S. have caught the attention of the AMF. Across the Atlantic, KuCoin has been accused of money laundering by prosecutors in the Southern District of New York. According to them, the platform was used to transmit over $9 billion in funds of illicit origin.
We also recall that last December, KuCoin was fined $22 million, and had to promise to stop offering its services in New York State.
The addition of KuCoin to the AMF’s blacklist, a fortnight after the platform’s founders were indicted, therefore seems to be linked to these cases. It also shows that the French regulator is vigilant at the moment. Should we expect further additions to its list? The weeks and months to come will tell.
