(Boursier.com) — Announcements have multiplied in recent months on the cryptocurrency market in Europe to strengthen security and avoid new mishaps which led to the bankruptcy of certain intermediaries like FTX: The legal framework has been strengthened on the continent, pushing certain platforms, like ByBit which was banned by the Financial Markets Authority (AMF), to suspend their services and ask their customers to withdraw their funds.
Conversely, the strongest players are taking advantage of this to consolidate their positions, like Bitpanda which offers cashback offers to its customer base, aimed at individuals with several accounts. A profitable way to transfer funds with a 3% cashback in a strengthened regulatory environment!
The fact that the AMF is increasingly vigilant comes at the right time for this type of renowned platforms like Bitpanda, which offers a secure environment for investing with peace of mind…
Instructions for use
In recent years, the European Union has developed a series of standards common to all member countries within a framework validated from mid-2023: this European regulation on cryptoasset markets (Markets in Crypto Assets regulation ou MiCA) now applies to the entire cryptocurrency ecosystem. It provides for reinforced standards for combating fraud and protecting investors…
Until now, for a cryptocurrency company to be able to operate in France, the latter had to obtain either a PSAN registration (Digital Asset Service Provider), or a PSAN approval according to the regulations put in place by the Pacte law in 2019. The MiCA regulation is now in force in Europe, requiring players to obtain approval (PSCA). In France, PSANs will have to obtain the PSCA by the end of June 2026 to be able to continue operating… For new players who wish to launch in France, PSCA approval replaces PSAN approval.
As the cost of compliance with MiCA promises to be high for French PSANs, this could force some of the most fragile players to withdraw from the game, like the crypto exchange Bybit which was on the blacklist of the AMF since mid-2022 which decided to pack up: Its French users had until January 8 to withdraw their funds!
Blacklist
Remember that a platform like Bybit had been subject to increased surveillance by the Financial Markets Authority in recent years, as it had never been registered as a PSAN. This placement on the blacklist was therefore justified by “non-compliance with current French regulations”.
-In June 2024, in addition to its list dedicated to crypto derivatives, the Financial Markets Authority has established a second one, called “cryptoassets”which references all sites for storing exchanges or purchasing/selling digital assets not authorized by the French regulator (not having PSAN registration), as well as those which have not obtained the visa of the AMF for a public offering of tokens (ICO). This list was supplemented by nine platforms recently identified by the AMF services:
- www.zoomex.com
- trade-pro.io
- the-bitcoin-bank.com
- krawl-offers.com/bitcoin-bank-alt
- www.mexc.com
- www.coinex.com
- biticodes.com
- zenithexchange.ltd
- sparkgenesisai.com
Security at Bitpanda
At Bitpanda, whose head office is based in Vienna, Austria, we welcome this constant strengthening of the rules of the game: “We are not only the leading European cryptocurrency investment platform, but also one of the most regulated! This is why we have chosen to be completely transparent, to acquire licenses which allow us to be controlled by several financial market authorities, and to have our funds and our commercial practices regularly validated by external parties” underlines the financial institution.
Furthermore, Bitpanda does not use the personal data of its “users” for automated decision-making purposes, including profiling, and the company has implemented several security measures to ensure that its customers' data is stored and processed safely. The platform operates here in strict compliance with European laws and regulations. “We operate on the basis of various VASP registrations, as well as MiFID II, E-Money and DSP 2 licenses in all of our main markets” specifies the group.
Best-in-class asset protection and security
“We prioritize the security of our customers' assetsintegrating multiple security measures to protect them against potential threats… Crypto assets are stored in highly secure cold storages which are reviewed by an external auditor. Assets are the property of customers… Bitpanda's infrastructure and systems are secured by the most modern encryption technologies and supported by our dedicated security teams.
“Implementing internally managed security programs is one thing, but matching them to industry standards and validating them by obtaining the best certifications in the field is another” further underlines the intermediary who specifies that “these are extremely difficult to obtain and take time, but if you want to be a safe and rigorously regulated company, it is necessary and worth it. Our ISO27001 certification proves that we do it!” concludes Bitpanda.
