French stock market regulators announced on Thursday that it has blacklisted 15 cryptocurrency and crypto asset investment websites.
Autorite des Marches Financiers (AMF) will add the offending platform to its existing “blacklistâ€, which includes companies that illegally provide commodities such as diamonds, rare earth metals and wine.
The statement said
“French companies provide the right to purchase goods to promote the rate of return or its economic equivalents subject to the management of multiple commodities, so their quotation must have the registration number provided by AMF.â€
The announcement next lists the websites of fifteen companies that have been warned by AMF to monitor their violations but continue to operate. Most of the people on the list are in the UK.
These include AKJ Crypto, which claims to offer a variety of services, from asset storage to account management. The other is Crypteo, which is a cryptocurrency market.
The AMF statement reminds investors: “There is no high return without high risk.†Similarly, it recommends conducting due diligence on the investments they are considering and weighing the criteria used to determine product prices.
Regulators also said that investors should consider how products can be resold and the periods that may correspond.
"Don't invest in things you don't understand," the Authority cautioned.
This is not the first time AMF has been involved in the cryptocurrency industry. In February, it issued a statement saying that trading platforms are not allowed to electronically market cryptocurrency derivatives because they fall under the MiFID 2 and Sapin 2 laws, which prohibit advertising on certain financial contracts.
Similarly, the Authority launched the “Universal Node†to the ICO Research Network (UNICORN) in October 2017. At the time, the agency described the plan as providing a framework that allowed ICO issuers to conduct business while ensuring potential investors.
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