[2018-03-16] AMF (French) Blacklists 15 Cryptocurrency And Crypto-Asset Websites

[Powerpuff]

The French stock market regulator, The Autorite des Marches Financiers (AMF), announced in a press release that they have added 15 cryptocurrency and crypto-asset investment websites to a blacklist on March 15.

According to the press release, the companies listed ran afoul of the “Sapin II Law”, stating 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.”

The press release then lists 15 offending companies, who continued to advertise and market their services as investment opportunities to the French public, despite new regulations. The blacklist also contains businesses that unlawfully offered investments in commodities like rare earth metals, wine, and diamonds.

The statement reminds consumers that “no advertising materials should make you overlook the fact that high returns always involve high risk.” It further advises consumers to by duly diligent before making an investment, to learn as much as one can about the company or intermediary, and to only invest in a product one understands.

This move by French regulators follows a pattern of suspicious attitudes toward cryptocurrencies from the French government. In December of last year, the Governor of the Bank of France, Francois Villeroy de Galhau, issued a warning on the high risks of investing in Bitcoin, claiming it is a speculative asset, and neither a currency or a digital currency.

In January, France’s Minister of the Economy Bruno Le Maire appointed Jean-Pierre Landau, an open Bitcoin critic, to head a task force to examine cryptocurrency regulation. Landau has called Bitcoin the “tulips of modern times” in reference to Tulip Mania, which swept Europe in the early 17th century.

https://cointelegraph.com/news/french-regulatory-agency-blacklists-15-cryptocurrency-and-crypto-asset-websites

[LoveKamil]

Hi, everybody.France has made 15 crypto resources in the black list. What kind of 15 companies were included in this list?

[buwaytress]

This is just so remindful of bureacratic machines wasting their time without proper knowledge of cryptocurrency. If there's a government job that pays me to list out hyip sites for PSAs, I'd love to have it. I can give them 15 sites every week with an hour's work.

That list is nothing but HYIP sites/ponzi schemes, just dressed up as cryptocurrency investments. Didn't even need to check them out (I still looked at three) to see from their names that they're all right and proper crap. Every single one of these HYIP sites already contravene OLD regulations, nothing to do with the new enactments as the news article mentions.

Instead of giving advice to people about investments, they should tell people: guys these are scams, here's how to tell: A, B, C.

Hi, everybody.France has made 15 crypto resources in the black list. What kind of 15 companies were included in this list?

Maybe if you actually bothered to read the news item, you'd see the exact names and website links in the press statement: http://www.amf-france.org/en_US/Actualites/Communiques-de-presse/AMF/annee-2018?docId=workspace%3A%2F%2FSpacesStore%2F3f85fe88-fc1f-45b8-a55e-0bc5aeb298ce&langSwitch=true

[kevoh]

This move by French regulators follows a pattern of suspicious attitudes toward cryptocurrencies from the French government. In December of last year, the Governor of the Bank of France, Francois Villeroy de Galhau, issued a warning on the high risks of investing in Bitcoin, claiming it is a speculative asset, and neither a currency or a digital currency.

Bitcoin a speculative asset? Probably. Not a currency or digital currency? I disagree with the governor on that part. His opinion of Bitcoin not being a digital currency seen to be fueled more by his disgust for bitcoin than by his understanding of bitcoin.

Hi, everybody.France has made 15 crypto resources in the black list. What kind of 15 companies were included in this list?

All 15 websites/companies are listed below:

http://akj-crypto.com/
http://bank-crypto.com/
https://bcoin-bank.com/
https://bit-crypto.net/
https://boursebitcoin.com/
https://www.crypteo.io/
https://cryptobankweb.com/
http://crypto-major.com/
https://cryptopartnersinvest.com/
http://crypto2.bnd-group.com/
http://crypto.private-finances.com/
http://ecs-solutions.net
http://ether-invest.com/
https://krakenaccess.com/
http://www.minedecrypto.com

[peter0425]

I'm not surprise by the move of the French government to blacklist which they deem violating their Sapin II Law. Because France’s Minister of the Economy Bruno Le Maire is very vocal against his anti-bitcoin stance and even calling a joint session with Germany to discuss cryto regulation next week in G20 meeting.

And I looked at some of the websites being banned, and yeah it looks like they are scammy as hell. Its either a ponzi or hyip. So it would make sense for them to ban it so that they can protect their citizens.

However, calling for a 'one regulating body' to overlook all global crypto activity is different. I don't think that they can get a consensus vote in the G20 summit if that is what France and Germany are proposing.