15 cryptocurrencies websites are banned in France

After Google, France regulatory banning the cryptocurrency websites questions the existence of cryptocurrency.

15 cryptocurrencies websites are banned in France

The stock market regulatory authoritythe Autorite des Marches Financiers (AMF), announces on 15th March that it has banned 15 cryptocurrency and cryptocurrency asset websites. In the press release, it was found that the companies which are not abided by the rules and regulations of the French authority are on the blacklist now. The blacklist includes the companies which unlawfully provoke people to invest in rare supplies like earth metals, wine, diamonds and specifically in cryptocurrency.

The websites that are banned by AMF were already alerted to keep a check on their actions, but they turned their ear-off, hence they are facing the consequences. Most of the companies claim to be from the United Kingdom.

One of the companies out of the fifteen is AKJ Crypto that claimed to provide a gamut of account management to asset storage. Another company named Crypteo was found to be masqueraded as cryptocurrency marketplace.

The list of the banned company is following:

The reason why these companies are banned is French Sapin II law which states that

 “The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in miscellaneous assets and are now subject to ex-ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number.”

Source: AMF, the stock market regulator in France.

In the end, the AMF also warned people in France that higher ROI includes a higher risk of investment. In addition, it said the investors should perform a high diligence research while investing and to gauge the criteria to establish the product cots to estimate the reselling price of the product in future.

The cryptocurrency market is facing a lot of ups and downs in the present scenario which really questions the existence of the market in near future.

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