France adds 11 unregulated operators to blacklist

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The French financial regulator has added a further 11 digital currency and FX firms to its blacklist of companies investors are advised to avoid, as they continue to crack down on rogue operators.

In its notice, the Autorité des Marchés Financiers set out details of the 11 new companies to be added to the blacklist, to raise awareness of unregulated operators within the market.

The joint statement with counterparts the Autorité de Contrôle Prudentiel et de Résolution identified firms that have been soliciting investment in both fiat and digital currency without the appropriate permissions from the regulator to operate in the sector.

Amongst the brands to be flagged in the statement are Bitworld FX, Bright Finance, Fortis Capital Managers, Wave to Markets and Bitcoin Storm. The names have been added to the full list of unauthorized companies, which can be searched on the Autorité des Marchés Financiers website.

Publishing the updates to the list, the regulator acknowledged its list was not exhaustive, and was subject to change without notice as more companies operating under the radar were identified and flagged.

The warning comes as only the latest of its kind from French regulators, as the number of companies illegitimately claiming to have authorization to trade in crypto investments continues to rise.

It comes against a backdrop of increasing enforcement action from the Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution, which share responsibility for oversight of financial markets in France.

French law currently requires firms operating in digital currency and other financial markets to be regulated and authorized before offering services.

Investors are urged only to work with those firms that are authorized to operate in the sector, with the regulator warning that “any unauthorized intermediaries run the risk of criminal sanctions.”