French Financial Regulator Blacklists Four Crypto Websites for Unauthorized Offerings

Published at: Dec. 14, 2018

The French stock market watchdog, the Financial Markets Regulator (AMF), has blacklisted four crypto-related websites for unauthorized investment offerings, according to an official statement published Friday, Dec. 14.

The AMF announcement notes nine companies that are allegedly operating without necessary regulatory approval, including four crypto-related firms.

In the announcement, the stock market regulator warns investors about the increasing number of unregistered investment projects, claiming that “new unauthorized actors appear regularly.”

The recent blacklist includes such crypto-related websites as iminage.com, elos-patrimoine.com, infoconso.info, and live-crypto.com.net. Elos-patrimoine claims to offer “risk-free” crypto investments, promising “professional support” powered by a “long experience in all areas of investment.” Introducing itself as a “manager of European heritage for 15 years,” the Elos-patrimoine purported to guarantee monthly minimum returns of 3-5 percent.

The other websites blacklisted by the AMF included four businesses relating to the wine industry, and one website offering investments in diamonds.

The AMF is an independent public institution that is responsible for protecting investors and maintaining orderly financial markets. In late November, the AMF participated in a joint initiative with France’s central bank to warn the public about the risks associated with the “speculative” nature of crypto assets.

Earlier in November, the AMF released a report claiming that the initial coin offering (ICO) industry in the country represents a small part of the overall global ICO market. According to the study, the global ICO market accrued 19.4 billion euros ($21.8 billion) since 2014, wherein France accounted for 89 million euros ($100 million) raised in 15 ICO projects.

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